By Marisa Wong
Madison, Wis., Sept. 22 - Phoenix Petroleum Philippines, Inc. has concluded a private placement of PHP 500 million of perpetual non-convertible preferred shares with institutional investors, according to a company press release.
The company issued five million non-voting and non-participating shares at PHP 100 per share with a fixed annual dividend of 11.5%, distributable quarterly.
PentaCapital Investment Corp. is the manager and underwriter for the private placement.
Phoenix said the share placement represents its first major return to the equities market and is also its largest capital raise after the 2007 initial public offering.
"The favourable reception of investors to our attractively-priced share placement is testament to the track record delivery of Phoenix since its IPO and is a sign of rising confidence in the company's growth prospects," said president and chief executive officer Dennis Uy in a news release.
The capital infusion is the latest in a series of balance sheet strengthening moves supporting the company's finance-driven growth strategy. Phoenix has been focusing on growing its national retail network and the support infrastructure comprised of depots and transport fleet, the release said.
Phoenix is a Davao City, Philippines-based company specializing in refined petroleum products.
| Issuer: | Phoenix Petroleum Philippines, Inc.
|
| Issue: | Perpetual non-convertible preferred shares
|
| Amount: | PHP 500 million
|
| Shares: | Five million
|
| Maturity: | Perpetual
|
| Price: | PHP 100
|
| Dividend: | 11.5%, distributable quarterly
|
| Manager: | PentaCapital Investment Corp.
|
| Settlement date: | Sept. 21
|
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