PHOENIX Petroleum Philippines, Inc. has placed at $15.7 million the acquisition price of a Vietnamese company it bought in February that trades and distributes liquefied petroleum gas (LPG).
“Acquisition is part of the growth and expansion footprint of the Company not only in the Philippines but also within the Region,” the company led by well-known businessman Dennis A. Uy told the stock exchange.
In a disclosure to the stock exchange on Tuesday, Phoenix Petroleum said it paid cash for the acquisition, which was “based on market price valuation using discounted cash flow and comparative data.”
The acquired company is Origin LPG Vietnam Limited Liability Company (LLC), now renamed Phoenix Gas Vietnam, which was bought by PNX (Vietnam) Pte. Ltd., a subsidiary of PNX Energy International Holdings Pte. Ltd.
Phoenix Petroleum described the Vietnamese company as operating and registered in Ho Chi Minh City and engaged in the business of distribution and trading of LPG in south Vietnam.
PNX (Vietnam) is a joint venture company of Phoenix Petroleum subsidiary PNX Energy International, which owns 75% of its shares. The remaining 25% is owned by Cong Ty Tnhh Cong Nghiep (CNI), a company registered in Vietnam.
Origin LPG Vietnam was previously owned by Origin Energy Holdings Pty. Ltd., a company registered and based in Australia with a 51% stake, and CNI, with 49%.
Phoenix Petroleum said the acquisition would result in the group’s expansion and growth in terms of operations and supply in the region.
On Tuesday, shares in the company declined by 0.18% and closed at P11.06 each. — Victor V. Saulon
