Petron Corp. plans pursuing more projects after raising P14 billion from a perpetual preferred share offering.
The company listed the shares at the Philippine Stock Exchange last Friday with an initial base offer of P12.5 billion oversubscribed by P1.5 billion.
“We’re grateful and at the same time, humbled by the strong response of the investment community. Results such as this move us to pursue projects that will ensure our growth and sustainability in the long haul,” said Ramon Ang, Petron president and chief executive officer.
Earlier, Petron said the funds will also be used to redeem senior perpetual capital securities issued in 2018.
The listed shares pay annual dividends of 6.7079 percent for Series 4A, 6.7972 percent for Series 4B and 7.0861 percent for Series 4C.
For this listing, Petron sought China Bank Capital Corp. as sole issue manager and the Bank of Commerce, China Bank Capital Corp., Philippine Commercial Capital Inc., PNB Capital and Investment Corp. and SB Capital Investment Corp. as joint lead underwriters and bookrunners.
Petron also tapped First Metro Investment Corp. as selling agent.
Also earlier, Ang said Petron is set on boosting its sustainability programs with a number of big projects already in the pipeline, including the construction of a coco-methyl ester plant at its refinery in Bataan.
Petron operates the country’s sole oil refinery plant capable of processing 180,000 barrels per day.
