Phoenix Petroleum Philippines Inc. of Davao-based businessman Dennis Uy is poised to raise $19.2 million from its divestment in its Singapore-based subsidiary.
In a stock exchange filing, Phoenix said the amount to be raised from the transaction would be utilized to meet the immediate needs of the business for working capital to purchase inventory for its business-to-business customers.
“Insofar as business operations are concerned, there is no impact since mid-2022, Phoenix has been sourcing its inventories from local suppliers,” it said. Phoenix owns about 85 percent equity in PNX SG, while 15 percent is owned by Libra Investments Pte Ltd. The government managed to borrow P52 billion in short term securities this month, less than 90 percent of its target amount...
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