Dennis Uy’s Phoenix Petroleum Philippine Inc. approved the selling of its ownership stake in PNX Petroleum Singapore Pte. Ltd. via share buy back.

“The divestment is consistent with and pursuant to the Liability Management Exercise [LME] in order to generate additional working capital to support core business operations,” Phoenix said in a disclosure to the Philippine Stock Exchange.

In 2019, Phoenix invested $12.6 million in PNX SNG to support the latter’s trading business.

From January to June, the oil company incurred a net loss of P2 billion from P62.11 million net loss recorded in the same period in 2022.

In the second quarter, Phoenix posted a net loss of P1.10 billion, a turnaround from the P201 million net income recorded from April to June last year.

Revenues in the first six months of the year plunged by 64 percent to P27.56 billion from last year’s P76.19 billion.