Phoenix Petroleum plans follow-on offering

Phoenix Petroleum Philippines Inc. will slate a follow-on offering in 2011 and will embark on a Php1.5 billion (US$34.37 million) aggressive expansion during the period. The oil firm told the Philippine Stock Exchange (PSE) that the listing dates are yet to be announced. It noted that its board of directors has recently given full authority for management to set the terms and conditions of the follow-on offering. Company executives have hinted of cash infusion plans to support its facility expansion plans, and part of that strategy may be underpinned by proceeds from its follow-on offering. (December 27, 2010)