Petron Corp., the oil company of diversified conglomerate San Miguel Corp., said Thursday it has fully-redeemed the $477.5 million in senior perpetual capital securities it issued in 2018.
“The redemption was partly funded by using the entire net proceeds from the company’s 2023 offering and issuance of its Series 4 preferred shares,” Petron told the Philippine Stock Exchange.
The oil company issued P14 billion worth of Series 4 preferred shares this year. Net proceeds of the preferred shares issuance total P13.88 billion.
Petron is the largest oil refiner and distributor in the Philippines. The company also has operations in Malaysia.
