San Miguel Corp. (SMC) is infusing P3 billion into Petrogen Insurance Corp., one of nine wholly owned units of oil refining and marketing subsidiary Petron Corp.
The homegrown conglomerate said in a regulatory filing that SMC’s board decided on this move with the intention of enabling the nonlife insurer to expand its business.
Petrogen services the insurance needs of its parent Petron. Data from Petron shows the subsidiary is engaged in all kinds of insurance and reinsurance for sea and land, for properties, goods and merchandise, for transportation and for coverage against fire, earthquake, marine perils and accidents.
“With the investment, [we] will have a direct equity interest in Petrogen … in addition to current indirect equity interest through Petron,” SMC said.
Petron’s eight other wholly owned subsidiaries are: Overseas Ventures Insurance Corp. Ltd., Petron Freeport Corp., Petron Marketing Corp., Petrofuel Logistics Inc., Petron Singapore Trading Pte. Corp., Petron Global Ltd., Petron Finance (Labuan) Ltd., and Petron Oil and Gas Mauritius Ltd.
The Philippines’ sole crude oil refiner, through Petron Oil and Gas, maintains a subnetwork of subsidiaries through which it conducts business in Malaysia.