Another preferred share of cash-strapped Phoenix Petroleum (PNX) has hit bottom after Duterte crony Dennis Uy surprised investors with a deferment of dividends.
PNX3B has nosedived to an all-time low of P61.50 on December 23. It has been trading below its issue price of P100 since July this year.
Investors dumped PNX3B on fears that Uy might also defer dividends on this stock after deciding to postpone the dividend payment for PNX4 this month. PNX issued 7.5 million PNX3 shares in 2015.
PNX4 has plunged by more than half to a historic low of P303 on Friday since Uy disclosed the deferral of dividends on December 19 “as part of the strategy to preserve resources to improve operations, and ensure the long-term sustainability of the business.”
PNX4 has been trading below its issue price of P1,000 since February this year.
PNX’s losses exploded by more than 10 times to P948 million in the third quarter this year. Its current liabilities or debts payable within 12 months expanded by 12 percent year on year to P44.9 billion as of end-September this year.