PHOENIX Petroleum Philippines, Inc., the country’s leading independent oil company, announced that it had sold more than 70 million treasury shares to raise funds to pare down its debt. Phoenix Petroleum commenced a share buyback program in May 2016 starting with P250 million worth of shares. This shows how strong management believes in the company.”Through this, “we bought back our own shares and accumulated 70.1 million shares. He added that all repurchased shares automatically became treasury shares. Shares of Phoenix Petroleum added P0.28 or 2.43 percent to close at P11.78 on Thursday.

Source: Manila Times November 02, 2017 17:26 UTC