Petron lists shares
Petron Corp. yesterday listed on the Philippine Stock Exchange P20 billion worth of preferred shares, its biggest offering yet.
The oil refiner and fuel retailer said in a statement the amount represented the P15-billion base offer as well as P5 billion in oversubscription, which was due to the strong response of institutional investors and trading participants.
“We thank the investment community for their warm reception and strong desire to be part of our continued growth,” Petron president and chief executive Ramon S. Ang said.
“The success of this fundraising exercise highlights our position as the leading oil player and as a viable investment option,” Ang said.
Of these preferred shares, Series 3A has dividend rates of 6.8713 percent yearly while Series 2B has 7.1383 percent yearly.
Part of the proceeds from the offering will be used for the redemption of outstanding Series 2A preferred shares that were issued in 2014.
The remainder will be used for short-term debt repayment and general corporate purposes.
“We will continue to pursue our strategic goals and follow through with our investments despite volatility in the global market,” Ang said. “We remain committed to fueling economic growth and to bringing greater value to our shareholders.”
For this latest offering, Petron tapped BDO Capital & Investment Corp., BPI Capital Corp., China Bank Capital Corp. and PNB Capital and Investment Corp. as joint issue managers, joint lead underwriters and joint bookrunners.
Also, First Metro Investment Corporation was engaged as colead underwriter.
