Phoenix Petroleum Philippines Inc. on Tuesday said its plan to sell non-performing and non-core assets is meant to streamline operations and not a prelude to a divestment by its major shareholder, Davao-based businessman Dennis Uy.
“It is important to state that the Company is not actively for sale and it continues to welcome investors/investments into the Company,” Phoenix told the Philippine Stock Exchange.
Businessman Uy has been selling assets to pay down debts incurred to fund an aggressive expansion.
“As a point of clarification, the Company has previously secured authorization from its Board of Directors and Stockholders to dispose of its non-performing and non-core assets in order to raise capital and further streamline its operations,” Phoenix said.
Phoenix took exception to insinuations that Uy’s close connection with former President Rodrigo Duterte has had anything to do with his businesses rapid expansion.
“At the outset, we deem it noteworthy to emphasize that the Company’s business has nothing to do with any administration, past or present. The Company’s business is focused on selling and distributing Petroleum Products such as fuels, LPG and other related products,” Phoenix said.
Established in 2002 in Davao City, Phoenix is the first independent oil firm listed on the PSE. From just five stations, it now has close to 600 retail outlets nationwide, and has expanded to other businesses including terminaling and hauling services, convenience store retailing, asphalt, car repair and maintenance, and digital transactions, with overseas presence in Vietnam and Indonesia.
