The Phoenix Fuel Masters administration denied stories that they’ve acquired the Kia Picanto franchise within the PBA.
In a letter addressed to Mr. Jose Valeriano B. Zuño III, OIC of the Disclosure Department of the Philippine Stock Exchange, Phoenix Corporate Secretary Atty. Socorro Ermac Cabreros defined that there was no such deal, squelching earlier stories by the Philippine Daily Inquirer.
“On the part of the Company, there is no such on-going negotiation to acquire Kia including its PBA team. There is likewise no due diligence being conducted by the Company on Kia Philippines. We hope to have sufficiently responded to your request,” the assertion mentioned.
One source mentioned that the reported deal would have made quite a lot of sense for Phoenix.
“Siyempe nga naman yung gasoline, kailangan ng sasakyan. But again, wala na talaga,” the source mentioned.
Phoenix would have been the third firm to have a couple of workforce within the PBA after the SMC group and the MVP group.