Fuel firm buys into digital payments space

By Lenie Lectura - May 28, 2018

https://businessmirror.com.ph/fuel-firm-buys-into-digital-payments-space/

Phoenix Petroleum Philippines Inc., a company led by businessman Dennis Uy, is expanding its portfolio beyond its fuel business.

It said on Monday it is acquiring shares from owners of Pos!ble.net, a digital payments platform.

“The board of directors of Phoenix has approved the acquisition of up to 75 percent outstanding common shares in Action.Able Inc. [AA] from Wildlemon Inc. and certain individuals, and the acquisition of up to 75 percent of the outstanding shares in Think.Able Limited [TA] from Seawood Prime Limited [SPL],” the Davao-based oil firm said.

Phoenix Petroleum Philippines Inc., according to its Vice President of Corporate Affairs Atty. Raymond Zorilla, is buying AA’s shares at P1 a piece and TA’s at P5,312.97 per share.

The acquisition of Pos!ble.net is meant to support business operations aside from synergies on its retail network development for its various fuel products, as well as its subsidiaries and affiliates such as business operations of Philippine FamilyMart, said Phoenix.

The oil firm acquired Philippine FamilyMart CVS Inc. from Ayala Land Inc. and SSI Group Inc.

Philippine FamilyMart, the official area franchisee of the FamilyMart brand of convenience stores in the Philippines, currently has a network of 67 company-owned and franchised stores across the country.

Pos!ble.net is a two-and-a-half year old digital payments platform which enables and facilitates financial transactions between a merchant, who avails and uses the service, and his customers, who uses the platform to purchase, buy, or pay all kinds of prepaid loads, bills, and money remittances through a single point-of-sale (POS) devise.

The sellers in this transaction have been advised by Paulton & Co.

In just 15 years Phoenix Petroleum has grown from five stations in Mindanao to 530 nationwide, establishing its reputation as the fastest-growing oil company in the Philippines.

The company broadened its portfolio to include liquefied petroleum gas (LPG) with the acquisition of Petronas Energy Philippines Inc., now Phoenix LPG Philippines Inc., and convenience retailing with the purchase of Philippine Family Mart. It will soon venture into the bitumen business.