Phoenix set to acquire Subic company

The board of directors of publicly-listed Phoenix Petroleum Philippines Inc. has given its go-signal for the company’s acquisition of the Subic Petroleum Trading and Transport Philippines Inc., a firm at the freeport zone engaged in the trading of refined petroleum products. Following the board’s approval, the company said it will conduct due diligence for the proposed acquisition. The cost and terms of the acquisition will be among those to be fleshed out in the due diligence report, which will then serve as the company’s guidance in the planned acquisition. (February 2, 2011)