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SEC approves Petron’s P17-B preferred share offer

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September 4, 2024
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SEC approves Petron’s P17-B preferred share offer
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PETRON CORP. has secured approval from the Securities and Exchange Commission (SEC) for a follow-on offering of up to P17 billion in preferred shares.

The offering consists of 13 million Series 4 preferred shares and an oversubscription option of up to four million additional shares, Petron said in a regulatory filing.

The offer price is set at P1,000 per share.

Petron has appointed 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. will act as the selling agents for the offer.

The offer period will run from Sept. 5 to Sept. 13, with a listing date on the Philippine Stock Exchange’s Main Board set for Sept. 23.

Petron said that the proceeds from the latest offering will 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.

Last week, the oil company secured approval from the Philippine Stock Exchange for the proposed offering.

This offering represents 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. — Sheldeen Joy Talavera

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