Phoenix Petroleum Philippines said its board approved and authorized the company to organize, form and establish a wholly-owned subsidiary in Singapore to manage investments in the Asia Pacific region.
Phoenix said in a disclosure to the stock exchange that the Singaporean subsidiary would be named as PNX Energy International Holdings Pte. Ltd. for purposes of managing international investments including expansion of related business activities and operations in the Asia Pacific region.
“The company’s board further approved the initial investment of $10,000 for its initial operations,” the oil firm said.
Phoenix also established in September PNX Petroleum Singapore Pte. Ltd., the group’s trading and supply. The office serves as springboard for regional expansion of the group.
The Phoenix board previously approved the issuance of up to P10-billion commercial papers wherein proceeds will be used for working capital requirements and/or to refinance existing short-term loans of the Issue.