Petron Corp., the largest oil company in the country., said Monday it secured regulatory approval to sell preferred shares that would raise as much as P17 billion to redeem maturing preferred shares, refinance existing debt and fund other expenses, including buying oil inventory.
The oil company of San Miguel Corp., which also has operations in Malaysia, was given the green light by the Securities and Exchange Commission to sell 17 million preferred shares, including 4 million earmarked for over subscription, at a price of P1,000 each.
Details of the preferred shares offer are still being finalized but Petron has tentatively scheduled the sale by the third week of August and their listing on the Philippine Stock Exchange in early September.
BDO Capital and Investment Corp. will be the sole issue manager of Petron’s preferred share sale.
The joint lead underwriters and bookrunners are BDO Capital, Bank of Commerce, China Bank Capital Corp., Philippine Commercial Capital Inc., PNB Capital and Investment Corp., and SB Capital Investment Corp.
