DAVAO-BASED impartial oil employer Phoenix Petroleum Philippines, Inc. (Phoenix Petroleum) announced on Thursday it is obtaining the liquefied petroleum gas (LPG) corporations of Petronas Dagangan Bhd (PDB) within the Philippines for a complete purchase rate of $126.1 million (P6.39 billion).
Phoenix said it's far obtaining a hundred percent of the shares owned by way of PDB unit PDB (Netherlands) B.V. (PDBN) in Petronas Energy Philippines, Inc. (PEPI) and 100 percentage hobby in Duta, Inc. (Duta).
PEPI is engaged inside the commercial enterprise of promoting LPG in cylinders for family and industrial use as well as LPG in bulk for commercial use, and autogas, an environmentally-friendly opportunity gasoline for vehicles. Duta is in most cases engaged within the enterprise of buying, investing, replacing, selling securities of every type and description, and leasing land.
In a disclosure to the nearby bourse, Phoenix Petroleum said that the whole purchase rate of $126.1 million could be satisfied completely through coins for both PEPI and Duta.
The power employer said that it views the LPG business as a robust strategic fit as it broadens its product portfolio and petroleum presence across the united states, with pass promoting opportunities in fuel and LPG to purchasers and corporates.
Completion of the transaction is situation to the approval of the Philippine Competition Commission (PCC)
Payment for the acquisitions could be made in transactions: Phoenix Petroleum will deposit $24 million within 3 commercial enterprise days after the execution of the Share Purchase Agreements (SPAs). The stability of $ninety six.1 million may be paid in full upon completion and after approval of the PCC is acquired.
Phoenix said it's far obtaining a hundred percent of the shares owned by way of PDB unit PDB (Netherlands) B.V. (PDBN) in Petronas Energy Philippines, Inc. (PEPI) and 100 percentage hobby in Duta, Inc. (Duta).
PEPI is engaged inside the commercial enterprise of promoting LPG in cylinders for family and industrial use as well as LPG in bulk for commercial use, and autogas, an environmentally-friendly opportunity gasoline for vehicles. Duta is in most cases engaged within the enterprise of buying, investing, replacing, selling securities of every type and description, and leasing land.
In a disclosure to the nearby bourse, Phoenix Petroleum said that the whole purchase rate of $126.1 million could be satisfied completely through coins for both PEPI and Duta.
The power employer said that it views the LPG business as a robust strategic fit as it broadens its product portfolio and petroleum presence across the united states, with pass promoting opportunities in fuel and LPG to purchasers and corporates.
Completion of the transaction is situation to the approval of the Philippine Competition Commission (PCC)
Payment for the acquisitions could be made in transactions: Phoenix Petroleum will deposit $24 million within 3 commercial enterprise days after the execution of the Share Purchase Agreements (SPAs). The stability of $ninety six.1 million may be paid in full upon completion and after approval of the PCC is acquired.
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