The country’s largest oil refining and marketing company Petron Corporation (PSE: PCOR) listed today PhP20 billion worth of preferred shares, the company’s biggest preferred shares offering to date, at the Philippine Stock Exchange (PSE).
The amount represents the base offer of PhP15 billion and the oversubscription of PhP5 billion owing to the strong response of institutional investors and trading participants. Dividend rates per annum on the preferred shares is 6.8713% p.a. for Series 3A, and 7.1383% p.a. for Series 3B.
“We thank the investment community for their warm reception and strong desire to be part of our continued growth. The success of this fundraising exercise highlights our position as the leading oil player and as a viable investment option,” Petron President and CEO Ramon S. Ang said.
The Company earlier disclosed that part of the proceeds will be used for the redemption of Petron’s outstanding Series 2A preferred shares issued in 2014. The balance will be utilized for short-term debt repayment and general corporate purposes.
“We will continue to pursue our strategic goals and follow through with our investments despite volatility in the global market. We remain committed to fueling economic growth and to bringing greater value to our shareholders,” Mr. Ang added.
Petron has partnered with BDO Capital & Investment Corporation, BPI Capital Corporation, China Bank Capital Corporation and PNB Capital and Investment Corporation as joint issue managers, joint lead underwriters and joint bookrunners, and First Metro Investment Corporation as co-lead underwriter. (30)
About Petron Corporation
Petron Corporation is the largest oil refining and marketing company in the Philippines and is a leading player in the Malaysian market. It has a combined refining capacity of 268,000 barrels-per-day and produces a full range of world class fuels and petrochemicals. It has over 3,000 service stations where it retails world-class gasoline and diesel. Petron is dedicated and passionate about its vision to be the leading provider of total customer solutions in the energy sector and its derivative businesses. Please visit us at www.petron.com for more information.