Vol. XXII, No. 155 [ BusinessWorld Online ]
Wednesday, March 11, 2009 | MANILA, PHILIPPINES
LISTED TRANS-ASIA Oil and Energy Development Corp. has finalized a deal to sell its 30% stake in Bacnotan Industrial Park Corp. (BIPC) to Phoenix Petroleum, Inc. for P197.7 million.
The firm said the amount would be paid in monthly installments over five years. The stake is equivalent to 1.8 million shares at P109.81 apiece. BIPC is the industrial property development arm of Phinma, a group engaged in energy and mining, property, education and financial services.
The Phoenix board earlier approved the company’s purchase of the whole BIPC or 6,000,000 shares. The major owner of BIPC is Bacnotan Consolidated Industries, Inc. Aside from the shares, Phoenix is also eyeing to buy a 3.9-hectare land in the Batangas Union Industrial Park.
Trans-Asia Oil is into petroleum exploration and production, while Davao-based Phoenix sells refined oil products, lubricants, chemicals and other car care accessories. — A.K.K. Austria
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