Phoenix Petroleum mulls sale of 20% stake

Listed oil firm Phoenix Petroleum Philippines Inc. is mulling the possibility of selling 20% of its stake to strategic foreign and local investors to fund its capital requirements. Dennis Uy, Phoenix president and chief executive officer, said there have been on-going discussions on the contemplated sale of its equity. Proceeds from the sale, Uy said, would be used to finance the company’s aggressive expansion program. According to Uy, the proposed sale of another 20% stake in the company would be on top of the subscription agreement with state-owned Social Security System (SSS). The government pension fund is eyeing up to 10% of Phoenix shares. (December 28, 2009)