Bacnotan sells Batangas industrial park stake to Phoenix Petroleum

MANILA, Philippines - Bacnotan Consolidated Industries Inc. sold its stake in a Batangas industrial park manager to Phoenix Petroleum Philippines Inc., a listed oil wholesaler and trader. In a disclosure to the Philippine Stock Exchange (PSE) on Wednesday, Bacnotan said that it sold all of its 60-percent equity interest – comprising 3.6 million shares – in Bacnotan Industrial Park Corp. (BIPC) for P109.81 per share to Phoenix Petroleum. The stake was worth P395.3 million. Phoenix Petroleum has agreed to pay 18 percent of the amount as down payment and the balance to be spread out in monthly installments over a period of five years. Earlier, the PSE halted trading of Phoenix Petroleum shares after it acquired BIPC, which runs an industrial park in Batangas. In January, the company announced plans of acquiring 100 percent of BIPC for P658 million or P109.80 per share. The company’s board of directors has already approved a memorandum of agreement with BIPC shareholders for a due diligence covering its possible acquisition of the industrial park manager and other properties, Phoenix said in a letter to the PSE. A parcel of industrial land consisting of 39,420 square meters, situated in Lumbang Calzada, and Calaca in Batangas are also being examined. BIPC is the industrial property development arm of the Philippine Investment Management Inc. (Phinma), a conglomerate privately-held by the Del Rosario family. The BUIP in Calaca, Batangas is BIPC’s first development venture. Besides having its own port, it was designed to serve light and heavy industries within the high growth sector of the Cavite-Laguna-Batangas-Rizal-Quezon (CALABARZON) zone. Phoenix Petroleum said Petroterminals Philippines Inc., its unit in charge of its depot and terminal facilities, is a locator in BUIP. Petroterminals plan to provide oil supplies in the Luzon area, the company said. GMANews.TV