Phoenix acquires digital payment platform

PHOENIX Petroleum Philippines, Inc. has acquired 75% of two companies that own a digital payment platform, which eases the financial transactions between merchants and customers, the oil firm told the stock exchange on Monday.
“The acquisition of Pos!ble shall support business operations particularly the retail network development of the Company as well as the synergies created in business operations of its subsidiaries such as Philippine FamilyMart and other affiliates,” Phoenix said.
“It will likewise enhance onsite offerings while gaining entry into the fast growing digital and physical commerce segment,” it added.
Phoenix Petroleum bought 75% of the outstanding shareholdings in Action.Able, Inc. from its owners Wildlemon, Inc. and 75% of the outstanding shareholdings in Think.Able, Ltd. from Seawood Prime Ltd. (SPL).
Both Wildlemon and SPL are owners of Pos!ble.net, a digital payment platform.
In its disclosure, Phoenix Petroleum priced the shares of Action.Able at P1 apiece or a total of P748,749 for the 748,749 shares it acquired. The shares of Think.Able were priced at P5,312.97 each for a total of P71.24 million for the 13,410 shares.
In all, Phoenix Petroleum paid about P71.996 million for the controlling stake in Pos!ble.net.
Phoenix Petroleum said Pos!ble.net “enables and facilitates financial transactions between a merchant, who avails and uses the service, and his customers, who uses the platform to purchase, buy, or pay all kinds of prepaid loads, bills, and money remittances through a single Point of Sale device.”
Last year, Phoenix Petroleum bought Petronas Energy Philippines, Inc., immediately giving the company a share in the liquefied petroleum gas business, and Philippine FamilyMart CVS, Inc., which holds the exclusive franchise to the Japanese convenience store brand.
On Monday, shares in the company rose 0.16% to close at P12.64 each. — Victor V. Saulon