SAN MIGUEL Corp. has increased its stake in Petron Corp. to 37.8 percent of the oil refiner?s outstanding capital stock as part of its intention to acquire a controlling interest by year?s end.

On Aug. 31, San Miguel bought 1.52 million Petron shares from the Ashmore group at P7.20 a share or a total of P10.9 billion. Based on the latest regulatory filing by Petron, it said San Miguel now owned 3.58 billion shares.

Prior to the purchase, San Miguel acquired an initial 19.83-percent stake from Ashmore equivalent to 1.88 billion shares at P6.85 a share. But even before the acquisition of the initial block from Ashmore, San Miguel had conducted a tender offer at P6.85 a share given its intention to exercise the option to acquire 100 percent of Ashmore unit SEA Refinery Corp., which controls Petron.