DAVAO-BASED Udenna Corp. is selling 25 percent of the outstanding total stock of its listed subsidiary Phoenix Petroleum Philippines, Inc. to ES Consultancy Group, Inc. (ESGI) for P4 billion, through a special block sale in the equity market.
“We welcome another partner in steering Phoenix Petroleum to a higher path. Having more partners on board ushers in new ideas, a wider perspective and greater discipline to the country’s biggest and fastest-growing independent oil company,” Udenna Chairman Dennis Uy said in a statement on Monday.
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