August 15, 2025 | 12:00am
MANILA, Philippines — Phoenix Petroleum Philippines Inc. of Davao-based businessman Dennis Uy is anticipating a turnaround quickly because it continues to finalize its debt restructuring actions.
The corporate mentioned it’s at the moment wrapping up talks concerning a legal responsibility administration train to restructure its excellent obligations whereas managing its present assets.
The transfer is an important step towards monetary restoration and regaining market confidence, Phoenix knowledgeable the Philippine Inventory Change yesterday.
“As soon as that is finalized, then we mission the corporate’s eventual restoration and enchancment, as we are able to already entice potential buyers and dealing capital funding,” Phoenix mentioned.
Phoenix has likewise dedicated to finishing the long-delayed submission of its 2023 and 2024 audited monetary statements (AFS), together with related quarterly studies, earlier than Oct. 31.
“Our new auditor has but to launch the AFS for 2023 and full the audit fieldwork for the interval ending Dec. 31, 2024,” the corporate mentioned.
As beforehand disclosed, the oil agency mentioned it nonetheless had no unappropriated retained earnings to pay dividends to its shareholders even after almost three years.
This adopted the corporate’s declaration of money dividends of P18.92 per excellent Collection 4 most popular share from its unrestricted retained earnings in 2021.
The payout, initially slated for November 2022, was postponed consistent with a technique to “protect assets to enhance operations and guarantee long-term sustainability of the enterprise.”
