“The divestment is consistent with and pursuant to the Liability Management Exercise in order to generate additional working capital to support core business operations,” the publicly-listed oil company told the stock exchange.
“The said transaction is to be settled in cash as agreed by both parties. Furthermore, these funds will be used to shore up Phoenix Petroleum’s working capital needs, particularly to purchase inventory for its B2B customers,” he said in a text message. In the first half of the year, the oil company posted a net loss of P2 billion from P62.11 million net loss recorded in the same period in 2022.
Revenues in the first six months of the year plunged by 64 percent to P27.56 billion from last year’s P76.19 billion.
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