Connect with us

Hi, what are you looking for?

Economy

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

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.
Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

Latest

Economy

REPORTS of significant attacks against two Russian air bases are a new and dangerous twist in the Ukraine war. One of the explosions was...

Economy

The COVID-19 pandemic dealt a blow to the Philippine economy and exposed many gaps and weaknesses in our system that had been present for...

Economy

In 2016, several art scholars and museums embarked on a project to digitally produce 17th century artist Rembrandt’s next work, by using a computer...

Economy

Southeast Asia is adjusting to a new normal with the welcome return of travel and in-person gatherings, be it at work, with family and...

Economy

SINGAPORE — Jollibee Foods Corp, the biggest fast-food operator in the Philippines, is in advanced discussions to sell a minority stake in its Vietnamese...

Economy

INDONESIAN lawmakers have passed a contentious criminal code that outlaws extramarital sex and raises penalties on abortions as part of legislation that sparked violent...

You May Also Like

Investing

The minute that any question pops into your head, you can simply ask Google. No longer do we have to pour over books and...

Investing

Having a good Instagram marketing agency to back up your Instagram account is an absolute must going into the new year. With competition stronger...

Investing

Browsing history makes referring to sites and pages you’ve visited in the past seamless. It’ll help you recall what page you checked out on...

Investing

Insomnia is the most common sleep disorder in the global population. Therefore, it is a problem that many people suffer or have suffered throughout...

Disclaimer: SmartRetirementReport.com, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2021 SmartRetirementReport. All Rights Reserved.