Petron raises public float

Petron Corp., the country’s biggest oil refiner and retailer, has hiked its public float to 14.68 percent, allowing it to comply with the mandated 10-percent public ownership for listed companies.

In a disclosure to the Philippine Stock Exchange, Petron said the increase in its public ownership level was due to the sale of 695.3 million common shares under the Petron Corporation Employees’ Retirement Plan.

The sale was executed last month at P11 apiece through the local bourse. Prior to the sale of these shares, the oil firm’s public float stood at 7.5 percent.

Last year, the PSE said it would suspend trading on shares of companies that would fail to meet the 10 percent minimum public float by Jan. 2, 2013.

Transactions done outside the bourse during the suspension would also be slapped a 5- to 10-percent capital gains tax by the Bureau of Internal Revenue.

PSE president Hans Sicat had explained that suspension was a “tougher” proposition than delisting given that public companies would still have to pay listing fees while they are suspended.