Dennis Uy Is Not Selling Phoenix Petroleum

Earlier today, we burst everyone’s bubble with this story explaining why Converge and its CEO Dennis Anthony Uy was not partnering with SpaceX and mega-billiionaire Elon Musk to bring high-speed internet to the Philippines. At least not yet.

And it looks like we have another bubble to burst, this time about a different Dennis Uy, CEO of Phoenix Petroleum. In a public disclosure, Phoenix set the record straight: Dennis Uy is not selling Phoenix, nor is he “eyeing” a sale.

It was earlier reported that Phoenix, one of the biggest Philippine fuel retailers, was considering a sale of minority or controlling stakes in an effort to manage a “stronger balance sheet and higher EPS,” according to Dennis Uy.  

But as per Phoenix, Uy was referring to his “willingness to sell any of its businesses in the group,” and was not implying that Phoenix was in a state that it needed to be sold.

“Mr. Uy explained that as in any business, the company or any of its subsidiaires is open to any investors, major or minority, willing to invest in its operations and can further add value to its business activities and be beneficial to its stakeholders,” said Phoenix in a statement.

The company went on to state that this is “nothing new” as Phoenix is always open to new investors.