062207: Phoenix Petroleum final IPO price set at P9.80/share
June 22, 2007 Updated 11:05:57 (Mla time)
Xinhua Financial News Service
MANILA, Philippines -- Phoenix Petroleum Philippines Inc. has set a final price of P9.80 per share for its initial public offering which will be launched on June 27, underwriter BDO Capital & Investment Corp. told the stock exchange.
The final IPO price is within the offer price range of P6.08-P11.30 per share disclosed earlier to the exchange.
Phoenix, a retailer of fuel products based in southern Philippines, will sell to the public up to 36.25 million common shares. The estimated proceeds of P355.25 million will be used to expand its operations.
Phoenix booked net profit of P74 million in 2006, up sharply from P3.7 million in the previous year.
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