Dennis Uy’s Phoenix Petroleum seeks trading suspension of preferred shares

Dennis Uy’s Phoenix Petroleum seeks trading suspension of preferred shares
Phoenix Petroleum Philippines Inc. is seeking a voluntary trading suspension of its preferred non-voting shares traded on the Philippine Stock Exchange.

In a regulatory filing submitted Friday by Socorro Cabreros, assistant vice president at Phoenix Petroleum, the company said it intends to redeem 5 million non-voting preferred shares at P100.00 per share on December 20.

“The company is voluntarily seeking suspension of trading of PNXP shares for at least three days prior to redemption date or on December 17, 2018,” the independent oil player, led by Davao-based businessman Dennis Uy, said.

The preferred shares (ticker symbol: PNXP) to be redeemed will form part of the treasury preferred shares of the company in line with its articles of incorporation.

The PNXP shares will be re-issued once deemed appropriate and approved by the company’s board of directors.

PNXP shares were listed on the exchange on Jan. 8, 2015. The par value of PNXP is P1.00 per share. —VDS, GMA News