Phoenix OKs hike in authorized capital stock to 2.5 billion common shares, declares cash, stock dividend

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DAVAO CITY (MindaNews/15 March) – Listed Phoenix Petroleum Philippines, Inc. increased its capital stock to 2.5 billion common shares, more than three folds from its previous standing shares, as it also declared cash and stock dividends last week.

The 150 shareholders of Phoenix Petroleum, in their annual meeting on March 8, approved the increase in authorized capital stock from their previous 750 million common shares, reflecting the robust growth of the Davao City-based independent oil company which reported an increase of revenue by 85 percent.

Its cash dividend of 10 centavos per share would be paid to stockholders with record date of March 23 and to be paid on April 23.

A 50-percent stock dividend would be “for stockholders of record as of March 28 and to be paid on April 26,” said a company statement distributed during the media conference after the stockholders’ meeting held at the Apo View Hotel here.

The company earned P27.5 billion last year “as a result of the expansion of [its] retail network and growth in sales from commercial and industrial accounts”, the statement added. It said the Phoenix Petroleum’s “net recurring income rose 19 percent to P510 million, from P427 million”.

“The fastest growing independent oil company ended 2011 with 220 stations from 161 the previous year,” it said. Of this number, 151 stations were in Mindanao, 58 were in Luzon and 11 were in the Visayas.

Although 69 percent of Phoenix’s stations are in Mindanao, the consumers in Luzon turned out huge numbers in sales, accounting for 55 percent of the company’s total sales.

Dennis Uy, the company president, said however that the increasing revenues from the Visayas was contributed by the putting up of a depot in Bacolod.

In Mindanao, Phoenix said it is the now the number one independent oil company and number four oil company in the country, “with total market share growing from 7.74 percent to 12.4 percent”.

Last year, Phoenix Petroleum completed its expansion of its facilities in Davao City and Calaca, Batangas, and opened its modern installation in Cagayan de Oro City in Northern Mindanao in November last year. Its depot in Bacolod would be inaugurated this month. (MindaNews)

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