Phoenix Petroleum Philippines Inc. have said its board approved the plan of the management to sell or transfer certain assets and/or investments. It did not provide further details on which assets would be sold.
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 terminal facilities in strategic locations and complete its chain of logistical support to strengthen its foothold in the industry.
Phoenix Petroleum Philippines Inc posted a net loss of P2 billion in the first half of 2023. 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.
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