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Friday, March 29, 2024

Phoenix okays P4.9-b investment in Duta Inc.

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Phoenix Petroleum Philippines Inc. said Friday its board approved the investment of P4.9 billion in Duta Inc. for three years.

“We would like to announce that the company’s board of directors has approved the investment of P4.9 billion worth of corporate funds in Duta, Inc. over a period of 3 years,” the company said in a disclosure to the Philippine Stock Exchange.

Duta is a wholly-owned subsidiary of Phoenix and its property holding company.

Meanwhile, in a separate disclosure, Phoenix said it was applying for registration and listing of up to P7 billion worth of preferred shares subject to approval from the Securities and Exchange Commission and the PSE.

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The company said it was selling the shares for “raising funds for permanent working capital and for general corporate purposes.”

Phoenix pegged the offer price of the the preferred shares at P1,000, or “at a premium to the offer share’s par value per share of P1.”

Phoenix earlier said it increased the company’s planned issuance of perpetual preferred shares to P7 billion from the previously approved P5 billion. 

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