Phoenix Petroleum injects additional capital into Singapore trading unit 0 SHARES Share it! Share TweetBy Myrna M. VelascoListed firm Phoenix Petroleum Philippines Inc. has pumped in additional US$12.6 million capital into its oil trading arm in Singapore. In a disclosure to the Philippine Stock Exchange (PSE), the Uy-led company indicated that its board of directors approved the additional capital outlay for its wholly owned subsidiary PNX Petroleum Singapore Pte. Ltd, “to support the latter’s trading business.”That subsidiary in the city-state was initially earmarked US$10 million capital last year, primarily to jumpstart its oil trading venture in the Asian regional market. The deal was firmed up via the latter’s Hengyi Industries International Pte.

Source: Manila Bulletin September 29, 2019 14:03 UTC