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.
It did not provide further details on which assets would be sold.
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 (CME).