Phoenix Petroleum Philippines Inc. said Thursday its board approved the management’s decision to sell or transfer certain assets and/or investments.
Phoenix said in a disclosure to the Philippine Stock Exchange the management’s move is pursuant to its financial management program as part of its debt management and funding activities.The oil company posted a net loss of P2 billion in the first half of 2023 as revenues plunged to P27.557 billion from P76.185 billion in the same period last year.
Phoenix earlier committed to investing about P503.5 million as of June 30 for expansion on petroleum retail network, depot, terminal and logistics facilities, information technology infrastructure and other major expansions related to business development. The company said it plans to expand further its petroleum retail service stations and carry out its investments in its subsidiaries to put up depot and terminalling facilities in strategic locations and complete its chain of logistical support to strengthen its foothold in the industry.
Meanwhile, Phoenix said the board also approved the proposed amendment of the corporation’s articles of incorporation to include the manufacture, processing, sale, marketing and distribution of coco methyl ester .
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Phoenix Petroleum announces plan to sell assetsPhoenix Petroleum Philippines Inc.said Thursday its board approved the plan of the management to sell or transfer certain assets and/or
Read more »
“Every Drop Counts” Dialogue: Pioneering a Water-Secure PhilippinesThe profound success of 'Every Drop Counts: A High-Level Dialogue for a Water-Secure Country' has heralded a new era in
Read more »
ADB cuts Philippines growth forecast to 5.7%The Asian Development Bank said Wednesday its downgraded its 2023 growth forecast for the Philippines to 5.7 percent from 6
Read more »
Senate panel recommends expulsion of POGOs from PhilippinesIn Committee Report No. 136, the panel called for the adoption of a resolution urging the Executive department to cease the operations of POGOs.Senator Sherwin Gatchalian, chairman of the committee, said this is aimed at safeguarding the well-being of the Filipino people and maintaining a trajectory of growth and development in line with the administration’s economic reforms.
Read more »
Acesite (Philippines) Hotel Corp. issues Notice of Annual Meeting of Stockholders • BMPlusA broader look at today\u2019s business
Read more »
Palo Alto Networks: Philippines records highest number of disruptive attacks in ASEANFollowing a media briefing today, Palo Alto Networks (NASDAQ: PANW), the global cybersecurity leader, unveiled the 2023 State of Cybersecurity
Read more »