Philippine Digest: Phoenix Petroleum completes FamilyMart buy, AboitizPower invests in 4 new plants

Phoenix Petroleum
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The Philippine Competition Commission has approved Phoenix Petroleum’s acquisition of Philippine FamilyMart CVS, while AboitizPower announced its investments in four new power plants in the country.

Phoenix Petroleum gets regulatory approval to acquire FamilyMart

Independent oil firm Phoenix Petroleum Philippines announced on Thursday that it has received approval from the Philippine Competition Commission, the country’s antitrust agency, to proceed with its acquisition of Philippine FamilyMart CVS.

In a disclosure to the stock market, Phoenix Petroleum said it has concluded the acquisition of 100 percent shares in Philippine FamilyMart CVS, which claims to be the third largest convenience store brand in the country.

Phoenix acquired the shares from Philippine FamilyMart’s shareholders, namely SIAL CVS Retailers, FamilyMart Co Ltd, and ITOCHU Corporation.

Instead of putting up FamilyMart stores in gasoline stations that it owns, Phoenix Petroleum will be putting these stores in central business districts, targeting employees of business process outsourcing companies.

AboitizPower invests in 4 new power plants

Listed-firm AboitizPower Corp (AP) is investing in four new power plants across the Philippines, with the target of adding about 500 megawatts of attributable capacity in 2018.

AboitizPower President and COO Antonio R. Moraza said the projects are on track and should be mostly online in the first half of 2018.

“The entry of these plants will significantly support the country’s energy reserves and will show that the Philippines is open for business and investments,” Moraza said.

AboitizPower, along with its partner SN Power, recently completed construction of the 8.5-MW Maris Canal hydro project in Isabela, while wholly-owned subsidiary Hedcor is wrapping up construction of a 68.8-MW hydro plant in Manolo Fortich, Bukidnon.

The company is also completing the 340-MW Therma Visayas baseload power plant in Toledo City, Cebu and the 400-MW Pagbilao 3 baseload power plant in Quezon province.

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