By Alena Mae S. Flores

The Philippine Stock Exchange yesterday lifted the trading suspension on Phoenix Petroleum Philippines Inc. shares after the company submitted additional information on the purchase of Bacnotan Industrial Park Corp. from Phinma Group.

Phoenix Petroleum said in a disclosure that it had signed an agreement to buy the stakeholders of Bacnotan Industrial for P109.81 per share.

Phoenix Petroleum bought the entire shares of Bacnotan Industrial amounting to 6 million shares for P680 million. The company will pay the 20 percent down payment and the balance within five years.

Phoenix Petroleum said Bacnotan Industrial had a net asset value of P1.2 billion as assessed by independent appraisers and confirmed by Punongbayan and Arraulo.

The company bought 3.6 million shares from Bacnotan Consolidated Industries Inc., 1.8 million shares from Trans-Asia Oil and Energy Development Corp., 300,000 from Trans-Asia Power Corp. and 300,000 from Atlas Holdings Corp.

?Funding for the project purchase shall be sourced from internally generated funds and loans,? the company said.

The stock exchange suspended the trading of Phoenix Petroleum shares on Monday until the company provided additional details of the sale transaction.

Bacnotan Industrial is the owner and operator of Batangas Union Industrial Park, a 108-hectare industrial park in Calaca, Batangas, which includes an L-shaped multi-purpose port facility.

Phoenix Petroleum said it also bought a 3.9-hectare land owned by Phinma Group inside Batangas Union but the company did not disclose the property?s value. The company plans to put up an environment-friendly fuel storage, blending and recycling facility.

?The acquisition of the properties shall further strengthen the asset and equity position of the company,? Phoenix Petroleum said earlier.

Phoenix Petroleum?s wholly- owned subsidiary, Petroterminals Philippines Inc. operates Batangas Union?s depot and terminal facilities.

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