Credit Suisse buys 2% stake in Petron
Credit Suisse (Singapore) Ltd. has acquired a 2-percent stake in Petron Corp., the country’s biggest oil refiner and retailer.
In a disclosure to the Philippine Stock Exchange Wednesday, Petron explained that the 195 million Petron shares were sold by the Petron Corporation Employees’ Retirement Plan. The company, however, did not disclose the price at which the shares were sold.
Earlier this year, 695.3 million common shares of Petron were sold at P11 each. The stocks were also owned by the Petron retirement fund. This represented a P7.65-billion block price for the 7.4-percent stake placed out by the retirement fund.
The move allowed the company to widen its public float to 14.68 percent from 7.5 percent and comply with the mandated 10-percent public ownership for listed companies.—Amy R. Remo
Disclaimer: The comments uploaded on this site do not necessarily represent or reflect the views of management and owner of INQUIRER.net. We reserve the right to exclude comments that we deem to be inconsistent with our editorial standards.
To subscribe to the Philippine Daily Inquirer newspaper in the Philippines, call +63 2 896-6000 for Metro Manila and Metro Cebu or email your subscription request here.
Factual errors? Contact the Philippine Daily Inquirer's day desk. Believe this article violates journalistic ethics? Contact the Inquirer's Reader's Advocate. Or write The Readers' Advocate:
c/o Philippine Daily Inquirer Chino Roces Avenue corner Yague and Mascardo Streets, Makati City,Metro Manila, Philippines Or fax nos. +63 2 8974793 to 94