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Friday, October 4, 2024

SEC approves Petron’s P17-b preferred shares

Petron Corp. said Monday the Securities and Exchange Commission (SEC) approved its planned series 4 preferred shares issuance, with proceeds of up to P17 billion.

Petron said in a disclosure to the Philippine Stock Exchange it plans to offer 13 million series 4 preferred shares, with an oversubscription option for another 4 million shares at P1,000 apiece under its 50-million shelf registration program.

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The company said it intends to use the proceeds to redeem series 3A preferred shares, refinance maturing obligations and fund general corporate purposes, including crude oil inventory purchase.

Petron plans to conduct the offer from Aug. 19 to 28 and list it at the PSE on Sept. 2.

BDO Capital & Investment Corp. will act as sole issue manager, while Bank of Commerce, BDO Capital, China Bank Capital Corp., Philippine Commercial Capital Inc., PNB Capital and Investment Corp. and SB Capital Investment Corp. are the joint lead underwriters and book runners.

Petron is the country’s biggest oil company with a 180,000-barrel-per-day refinery in Bataan. It has a combined service station network of about 2,600 outlets in the Philippines and Malaysia.

Petron posted a flat growth in its net income in the first half of 2024 to P6 billion from P6.14 billion in the same period last year amid challenging economic conditions.

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