SEC greenlights Petron's preferred share offer
MANILA, Philippines — The Securities and Exchange Commission approved Petron Corp.’s shelf registration of up to 50 million preferred shares.
In a statement on Tuesday, the regulator indicated that Petron’s offering, which covered Series 4 preferred shares, could be put up for sale in one or more tranches within a three-year period.
Petron is expected to net P22.34 billion from this offering. The oil giant will used the processions to fund the partial redemption of securities, refinancing debt and the purchase of crude oil.
The SEC noted that in the first tranche, Petron will offer 12.5 million preferred shares at P1,00 apiece. That has an oversubscription option of 10 million preferred shares.
The first tranche is scheduled to be put up from June 14-17, with the listing on the local bourse by July 7.
As it is, the preferred shares will be listed and traded on the main board of the Philippine Stock Exchange.
Shares in Petron ended the trading down 2.92% on Tuesday. — Ramon Royandoyan
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