Petron lists P16.8B worth of shares on PSE

ANG-LED Petron Corp. has listed P16.8 billion worth of shares on the Philippine Stock Exchange (PSE) following its recent follow-on offering, the oil company announced on Monday.

“We thank the investment community for their strong response and continued confidence in our company. Through their support, Petron remains a viable investment option and we are committed to making sure that we continue to grow and succeed, while being a partner in nation-building,” Petron President and Chief Executive Officer (CEO)Ramon S. Ang said in a statement.

The shares were offered from Sept. 5 to Sept. 13, consisting of 13 million preferred shares and an oversubscription option of up to four million additional shares, at a share price of P1,000 each.

Proceeds from the offering would be used to redeem the company’s Series 3A preferred shares, refinance maturing obligations, and fund general corporate purposes, including the purchase of crude oil inventory.

“These two successive oversubscribed offerings are clear testaments to the investor’s confidence in the company’s continued growth and profitability and investor’s positive perception of its management,” PSE President and CEO Ramon S. Monzon said during the bell-ringing ceremony.

The latest offering marks the second tranche of Petron’s shelf registration for up to 50 million preferred shares. In the first tranche, the company offered up to 22.5 million preferred shares.

Petron tapped BDO Capital & Investment Corp. as the sole issue manager. Bank of Commerce, BDO Capital, Chinabank Capital Corp., Philippine Commercial Capital, Inc., PNB Capital and Investment Corp., and SB Capital Investment Corp. have been designated as joint lead underwriters and joint bookrunners.

Meanwhile, East West Banking Corp., First Metro Investment Corp., and RCBC Capital Corp. were tapped as the selling agents for the offer. — Sheldeen Joy Talavera