P-H-O-E-N-I-X Petroleum Philippines, Inc. completed the acquisition of Philippine FamilyMart CVS, Inc. from ITOCHU Corporation, FamilyMart Co., Ltd. and Sial Cvs Retailers Inc. for approximately PHP 350 million.
January 11, 2018
Share
P-H-O-E-N-I-X Petroleum Philippines, Inc. (PSE:PNX) entered into a memorandum of agreement to acquire Philippine FamilyMart CVS, Inc. from ITOCHU Corporation (TSE:8001), FamilyMart Co., Ltd. and Sial Cvs Retailers Inc. on October 30, 2017. Under the terms, P-H-O-E-N-I-X Petroleum shall pay and remit the cash purchase price to the sellers on the closing date and the payment shall be deemed to have completed once remittance is completed. P-H-O-E-N-I-X Petroleum will acquire the common and preferred shares both. The transaction is subject to the approval of the Philippine Competition Commission and has been approved by the board of P-H-O-E-N-I-X Petroleum Philippines. On January 3, 2018, the transaction is approved by Philippine Competition Commission. UBS AG Hong Kong Branch acted as financial advisor to the sellers.
P-H-O-E-N-I-X Petroleum Philippines, Inc. (PSE:PNX) completed the acquisition of Philippine FamilyMart CVS, Inc. from ITOCHU Corporation (TSE:8001), FamilyMart Co., Ltd. and Sial Cvs Retailers Inc. for approximately PHP 350 million on January 11, 2018. P-H-O-E-N-I-X Petroleum Philippines signed a deed of absolute sale and concluded the acquisition on January 11, 2018.
P-H-O-E-N-I-X Petroleum Philippines, Inc. is primarily engaged in marketing and distribution of petroleum products to retail and commercial and industrial customers, as well as operating oil depots, storage facilities, and other allied services. The Company's segments include Trading, Depot and Logistics Services, and Real Estate. The Trading segment is engaged in marketing, merchandising, purchasing, selling, dealing, acquiring, disposing and distributing goods and wares, such as petroleum products (on a wholesale basis), adhesives, glues, bonding agents, epoxy resins and lubricants, among others. The Depot and Logistics Services segment is engaged in operating oil depots and storage facilities and providing logistics services. The Real Estate segment is involved in real estate development, management and operations. The Companyâs products include fuels, lubricants, liquified petroleum gas (LPG), asphalt and PNX lubricants.
P-H-O-E-N-I-X Petroleum Philippines, Inc. completed the acquisition of Philippine FamilyMart CVS, Inc. from ITOCHU Corporation, FamilyMart Co., Ltd. and Sial Cvs Retailers Inc. for approximately PHP 350 million.
P-H-O-E-N-I-X PETROLEUM PHILIPPINES, INC. 
