Petron Corp. on Monday listed on the Philippine Stock Exchange preferred shares to raise P16.83 billion for the country’s largest oil company with operations in Malaysia.
The oil company of San Miguel Corp. initially offered P13 billion worth of preferred shares between 5 September and 13 September. With demand 1.3 times higher than the base offer, Petron issued additional preferred shares to raise P3.63 billion.
Proceeds will be used to redeem maturing preferred shares and for other corporate purposes.
Petron set the dividend rate at 6.8364 percent for Series 4D and 7.1032 percent for Series 4E preferred shares. This is the second tranche of the 50 million preferred shares shelf registered with the Securities and Exchange Commission.
In a statement, Petron president and chief executive officer Ramon Ang said the strong support of the investing public underscores the view that Petron remains a “viable investment option.” He said Petron is “committed to making sure that we continue to grow and succeed, while being a partner in nation-building.”
BDO Capital & Investment Corp. is the sole issue manager of the preferred shares offer.
