“The Corporation’s Board of Directors has approved the Authority for management to enter into negotiations under reasonable and acceptable terms and conditions advantageous to the Corporation with any third party corporation(s) or any other entity or entities for the possible transfer, sale, mortgage or disposition of certain corporate properties, assets, or investments as may be necessary and required in relation and pursuant to the financial management program,” the oil company disclosed Tuesday.
Phoenix said earlier it was open to consider any investor “willing to invest and believes in the operations of the Company and can further add value to its business activities.”
The oil firm did not say which companies are interested. It only said that these offers are nothing new to the company. “It has been open to all investors who believe in its core business and can bring in value to its operations, finances, and to its shareholders. We see these as opportunities for growth.”
Based on the latest data from the Department of Energy on fuels market share as of the first half of 2020, Phoenix Petroleum is the third largest in the country.
From fourth in 2019, Phoenix became the country’s third-largest oil company in terms of fuel market share last year. Petron Corp. was still the leading oil firm with 24.88 percent, followed by Pilipinas Shell Petroleum Corp. with 18.25 percent, and Phoenix with 6.86 percent.
In an independent brand health study on fuels in 2019, Phoenix was found to be third in terms of brand awareness as well as brand used most often. Phoenix was also recognized as Marketing Company of the Year at the 40th Agora Awards organized by the Philippine Marketing Association in January 2020.
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