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PNX asset sale to boosts high yielding PNX Prefs: PNX3B, PNX4

After Chelsea unloaded its 2GO stake to SM Investments, another unit of the Udenna empire is contemplating an asset sale.

Phoenix Petroleum (PNX) disclosed on Tuesday 23 March 2021 that PNX’s Board of Directors has approved the authority for management to enter into negotiations under reasonable and acceptable terms and conditions advantageous to the Corporation with any third party corporation(s) or any other entity or entities for the possible transfer, sale, mortgage or disposition of certain corporate properties, assets, or investments as may be necessary and required in relation and pursuant to the financial management program exercised by the Corporation as part of its debt management and funding activities.

The proceeds of any sale or transaction are more likely to be used for debt payments. As of 30 September 2020, PNX has total a total interest-bearing loans and borrowings of 37.8 Billion Pesos becoming due in the near term. The total short-term debts are more than its entire current assets of only 30.4 Billion Pesos.

Meanwhile cash from operating activities has gone negative for the nine-month period ending 30 September 2020.

PNX addressing its debt is a confidence booster to the high yielding PNX Preferred Shares: PNX3B, and PNX4. So far PNX has able to pay the dividends of those preferred shares. As of 23 March 2021, the preferred shares have traded above par. As disclosed PNX3B yields 8.1078% p.a., while PNX4 yields 7.5673% p.a.

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