Philippines shipowner Dennis Uy's Udenna Group has sold a 25% stake in Phoenix Petroleum Philippines.
ES Consultancy Group paid PHP 4bn ($80m) for the shares as Uy diverts funds into a $300m resort and casino project in Cebu.
Udenna said it "maintains control" over Phoenix Petroleum, according to Business World.
Uy has big plans for his shipping companies after a $161m IPO in Manila for his Chelsea Logistics Corp scheduled for July.
Phoenix Petroleum is seeking to supply ro-pax and ro-ro affiliate 2Go Group with bunkers in a move that could boost the oil trader's revenue by 7%, according to Bloomberg.
Udenna's shipping business is reportedly the largest in the country. The tanker fleet totals 39,271 grt.
