Phoenix Petroleum Board Approves Acquisition of PDB’s LPG Business in the Philippines

Davao—(PHStocks)—The Board of Directors of Phoenix Petroleum Philippines Inc. (PSE: PNX) has announced that on July 5, 2017 it has approved and authorized the execution of two agreements for the purchase of: (1) 100% shares owned by PDB Netherlands in Petronas Energy Philippines Inc. (PEPI); and, (2) 100% shares in Duta Inc., for a total purchase price of $126.1 million.

Duta is 40% owned by PDB Netherlands and the balance of 60% is owned by other shareholders, namely, Alsons Consolidated Resources Inc. (PSE: ACR) and Masaligan Inc.

The total purchase price of USD126.1 million pertains to the following:

  1. $120,050,000.00 representing 100% equity interest in PEPI
  2. $6,079,000.00 representing 100% equity interest in Duta

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