Phoenix Petroleum weighs timing of new stock offer

Publicly-listed Phoenix Petroleum Philippines Inc. indicated that it will re-assess timing as well as market conditions as determinants on whether or not it will eventually pursue a proposed follow-on stock offering or equity divestment. Phoenix Petroleum President and Chief Executive Dennis Uy hinted on a prospective additional 20% share listing in three years time, yet the company stipulated on its disclosure to the Philippine Stock Exchange (PSE) that the eventual decision will depend on a lot of factors. The propounded shares divestment has just been one of the options cited by the oil firm’s chief executive when quizzed about future plans regarding Phoenix Petroleum’s equity-raising and financial shoring up. (January 3, 2010)