Petron Corp., the country’s largest oil company and unit of San Miguel Corp., said Monday it filed with regulators an application to raise as much as P17 billion from the sale of 17 million Series 4 preferred shares.
Petron, which also has operations in Malaysia, said it is planning a public offer and issuance of 13 million preferred shares with an oversubscription option of up to 4 million preferred shares.
The shares will be taken down from the 50 million preferred shares that were registered last year by Petron with the Securities and Exchange Commission.
During the offer last year that raised P14 billion, Petron priced the preferred shares at P1,000 each. Annual dividend rates on the preferred shares were set at 6.7079 percent for Series 4A, 6.7972 percent for Series 4B, and 7.0861 percent. for Series 4C.
Proceeds of last year’s preferred shares sales were used for securities redemption, debt financing and crude oil purchases.
It isn’t clear whether the same group of investment banks will manage and underwrite the preferred shares offering of Petron this year.
