Dennis A. Uy-led Philippines Phoenix Petroleum Inc.’s board of directors has sent management the signal to unload some company properties for debt management.
In a Tuesday exchange disclosure, the Firm claimed that the deals would include the “lease, selling, mortgage or disposal of some company properties, assets or investments” and may be important to the Company’s financial management agenda’s progress.
The decision of the Board of Management comes one day after the firm has announced the stock exchange that “the company or either of its subsidiaries is available to investors who are eager to invest, trust in [Phoenix Petroleumoperations ]’s and can add value to their activities.”
They said the companies had no fresh offerings and were available to customers who believed in their core market and could trust the businesses, assets and shareholders.
“We see these as development prospects,” he added.
But Phoenix Petroleum claimed that there was no question at all in the business about the dilution of its shares.
Last week Mr. Uy, Davao’s businessman, sell SM Investments Corp. at P8.50 percent, worth some 31.73 percent, to the entire stake of Chelsea Logistics and Infraestructure Holders Corp. in 2GO Group, Inc.
2GO will become SMIC’s affiliate since Sy-led has a current 30.49% interest in 2GO already.
Chelsea is Uy-led Udenna Group’s shipping and logistics business. Chelsea said that the 2GO sales profits will be used to compensate for the loan it received in 2017 for the acquisition of 2GO securities.
In January, a DE official announced that Mr. Uy’s $2-billion import terminal project under Tanglawan Philippine LNG, Inc. had been required to cancel a “warning for proceedings.”
“Without any financial closure,” said Deputy secretary Leonido J. Pulido III, in an audience of the Senate, “we have been forced to cancel their alert because they basically have withdrawn their proposals.” “They don’t continue their mission any more.”
The removal is due to a “commercial crisis.” He said. Phoenix Petroleum controls Tanglawan.