The Phoenix Fuel Masters management denied reports that they have acquired the Kia Picanto franchise in 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 explained that there was no such deal, squelching earlier reports 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 statement said.
One source said that the reported deal would have made a lot of sense for Phoenix.
“Siyempe nga naman yung gasoline, kailangan ng sasakyan. But again, wala na talaga,” the source said.
Phoenix would have been the third company to have more than one team in the PBA after the SMC group and the MVP group.
