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Phoenix Petroleum seeks trading suspension of its series A preferred shares 

DENNIS A. UY-LED Phoenix Petroleum has requested on Monday for the voluntary suspension of the trading of its third tranche series A (PNX3A) preferred shares, as the firm addresses concerns and questions on their settlement.

In a regulatory filing, the firm said that it asked for the postponement as it needed to clarify issues, queries and questions on the settlement or redemption of the PNX3A shares.

On Friday, Phoenix Petroleum said that it would fully redeem all of its PNX3A shares at P100 apiece. The total redemption price was P1.25 billion.

The outstanding preferred shares were issued five years ago, on Dec. 18, 2015. They had an interest rate of 7.427% per year and were entitled to an optional redemption during the third year of its listing date. If not fully redeemed on the fifth year after the listing date, the shares were subject to a step-up dividend rate.

In a previous filing, Phoenix Petroleum said that the shares could be redeemed through its paying agent BDO Unibank, Inc.-Trust and Settlement Group.

Earlier, the firm approved the settlement of P3 billion in outstanding commercial papers, which were issued at a discount last year to a face value of 4.6657% per annum.

During the third quarter, the company reported a net income of P296 million, reversing its P5-million loss in the second quarter. Meanwhile, its overall volume sales rose by 42% from July to September on the back of local business recovery as well as relaxed lockdown measures.

Shares in Phoenix Petroleum on Monday decreased 0.16% to finish at P12.76 apiece. — Angelica Y. Yang

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