Leading independent oil company Phoenix Petroleum Philippines, Inc. announced it plans to reissue all or part of any shares held in treasury by the company.

In a disclosure to the Philippine Stock Exchange on January 20, 2010, Phoenix said it will sell the shares at no less than the average acquisition price of the treasury shares either for cash or in exchange for outstanding debt.

Phoenix is also amending its Articles of Incorporation to reclassify 50,000,000 million shares out of the unissued shares of the 400,000,000 authorized common shares (par value of PhP1.00) into a new class of Preferred Shares (Series “A” at par value of PhP1.00). These new shares will have the following general features:
- Issue value to be determined by the Board of Directors at the time of issuance
- Non-convertible into common shares
- Dividend rate to be determined by the Board of Directors; cumulative in payment of dividends
- Redeemable at Company’s option under such terms as the Board of Directors may provide at the time of issuance
- Preference over holders of common shares as to distribution of net assets in the event of dissolution or liquidation, and in the payment of dividends at the specified rate
- Non-participating in any other or further dividends
- Non-voting except in cases specified by law
- No preemptive rights to any issue of the Company’s shares
- Re-issuable when fully redeemed

The company’s Board of Directors also recently approved the expansion of the port facility in Phoenix Petroterminals & Industrial Park in Calaca, Batangas.

Last November pension fund Social Security System (SSS) bought an initial 2.83 percent stake of 10 percent in Phoenix Petroleum for P42 million.

Phoenix Petroleum is engaged in the trading of refined petroleum products, lubricants, chemicals and an array of car care products and accessories. The company also provides services such as depot operation, depot storage, logistics, into-plane and allied services.

It was listed on the Philippine Stock Exchange in July 2007, the first petroleum company to do so since the passage of the 1998 Downstream Oil Deregulation Act.