INDEPENDENT oil player Phoenix Petroleum Philippines can now offer and sell Short-Term Commercial Paper (STCP) worth P3.5 billion.
The Securities and Exchange Commission (SEC) has approved the registration of the offer and sale of the company’s STCP, issuing a Certificate of Permit to Offer Securities.
Raymond Zorilla, Phoenix Petroleum assistant vice president for external affairs, said the company will reissue P2 billion in the third week of January 2016.
The remaining P1.5 billion will cover the outstanding P1.255 billion that will mature on February 22.
“Please note that we paid/retired P2 billion of the total P3.5 billion STCP that matured in October 2015,” Zorilla told the Manila Times in a text message.
In previous disclosures, Phoenix Petroleum said the proceeds from the offer will finance regular importation of fuels and lubricants within the first quarter: P855.9 million in January, P2.01 billion in February and P610.36 million in March.
Phoenix Petroleum in accumulating funds for its expansion program. It recently raised P2 billion from a follow-on share sale.
Half of the net proceeds from the share sale will be used to complete 61 retail stations in key cities in North and South Luzon, Visayas and Mindanao and storage facilities in Cebu and General Santos City.
The other half will be used to put up 80 retail stations and for buying and importing petroleum products.