PHOENIX PETROLEUM OPEN TO INVESTORS' ENTRY

Phoenix Petroleum said it is always open to having an investor willing to be its partner citing the overturns as "opportunities for growth."

Lawyer Socorro Ermac Cabreros revealed the company's take on the overtures in a disclosure to the Philippine Stock Exchange (PSE) in a clarification on a story about Phoenix owner Dennis Uy's openness to selling its stakes in other companies.

"In behalf of Phoenix Petreoleum Philippines, Inc., like our previous clarification sometime in February 2021, like in any business, the company or any of its subsidiaries is open to consider any investor willing to invest and believes in the operations of the company and can further add value to its business activities," Cabreros said.

Uy said, "We are always open for the right price and the right reasons," when asked whether it is open to selling his investments in different companies amid a difficult business environment brought about by the COVID-19 pandemic.

Phoenix has a total liabilities of P65 billion of which P38 billion are current.

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