Phoenix Petroleum sells 31-M treasury shares; steps up relief drive

Published December 2, 2020, 1:57 PM by Myrna M. Velasco
https://mb.com.ph/2020/12/02/phoenix-petroleum-sells-31-m-treasury-shares-steps-up-relief-drive/

Uy-led Phoenix Petroleum Philippines Inc. has approved and crossed at the Philippine Stock Exchange (PSE) on Tuesday (December 1) the sale of 31 million of its treasury common shares.

The oil firm said the treasury shares had been traded at the local bourse at the market price of P12.50 per share. Given the scale of treasury shares sold, the estimated proceeds had been placed at P387.50 million.

Phoenix Petroleum indicated that the treasury common shares were “acquired and accumulated through the buy-back program of the company since 2016.”

The company is currently the country’s third biggest player in the downstream oil industry, as reckoned from latest data issued by the Department of Energy.

Given the demand downtrend that the Philippine oil sector had suffered from this year because of the lingering Covid-19 pandemic, Phoenix has consistently noted that it will concentrate on reinforcing its retail network while continuously innovating also on its service offer to consumers.

And since the health crisis is not the only tragedy that had befallen many in the country this year, the Uy-led company is similarly stepping up on extending help to the Filipinos adversely affected by the recent typhoons.

The oil firm said it mobilized various relief initiatives, including a donation of 100,000 liters of free fuels to the Philippine Red Cross (PRC), so it can be aided on its relief drives in Albay and Cagayan, areas that had been severely battered by strong typhoons Rolly and Ulysses.

The company also partnered with ABS-CBN’s Lingkod Kapamilya Foundation, and this was concretized through its donation of 11 Phoenix Super LPG tanks that were used by the television network’s foundation on its roving soup kitchen that fed evacuees in Rizal province.

Further, Phoenix Petroleum noted that on the volition of its partner-dealers in Albay, Rizal, Cagayan and Isabela – its LPG business unit also donated cooking sets, rice, canned goods and other packaged food to help more than 1,500 typhoon victims at various evacuation centers.

Given the extraordinary events confronting not just the Philippines but the world at this time, Phoenix Petroleum President Henry Albert Fadullon emphasized that the company “organized various relief efforts to bring immediate help to our kababayans, and to show them that they have an indispensable partner in Phoenix whether it be in good or bad times.”

The oil firm’s employees likewise pooled cash donations so they can help at least 49 of their Phoenix Petroleum colleagues who were adversely affected by flooding in Cagayan province. And the amount raised by the employees had been doubled by Phoenix Philippines Foundation Inc.

“Despite the work-from-home set up, seven sacks of blankets, a sack of pants and seven boxes of old clothes were collected from employees who willingly gave in-kind donations for the typhoon victims,” the oil company narrated.

Phoenix Petroleum was also joined by affiliate Udenna Corporation in extending relief and help to those in need. The other Uy-led firms that joined the drive had been Wendy’s, Dito CME and Worklink – and with the aid of Udenna Foundation and the Philippine Air Force, the group gave away 2,200 food packs to evacuees in Rizal.

The oil company said it is also planning relief operations in areas that are still submerged in flood and to victims that are still in evacuation centers.