September 24, 2024 | 12:00am
MANILA, Philippines — Oil giant Petron Corp. has marked its 30th year as a publicly listed company with a successful listing of P17 billion worth of preferred shares.
The company raised P16.83 billion from the follow-on offering of Series 4D and 4E preferred shares, the listing of which was marked by a bell-ringing ceremony at the Philippine Stock Exchange (PSE) yesterday.
Petron said the issuance received warm support from investors, as reflected by the oversubscription of P3.83 billion over a base offer of P13 billion.
Petron president and CEO Ramon Ang said the issuance demonstrated the investment community’s “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 partners in nation-building,” Ang said.
The shares offered from Sept. 5 to 13 marked the second tranche of the company’s 50 million shelf-registered peso-denominated preferred shares.
The proceeds from the issuance will be used by Petron to redeem its Series 3A preferred shares, refinance maturing obligations and fund general corporate purposes, including the purchase of crude oil inventory.
“In the last three decades, Petron has been one of the most active companies in terms of capital raising,” said PSE president and CEO Ramon Monzon, noting that the firm has raised close to P80 billion since its listing in 1994.
Monzon also highlighted the “important role” Petron has played in achieving economic development and energy security in the country.
“Petron has sustained its market leadership as the largest oil company in the Philippines, supplying more than one-third of the country’s oil requirements,” the PSE executive said.
For this latest fund-raising activity, Petron tapped BDO Capital & Investment Corp. as the sole issue manager, with BDO Capital, Bank of Commerce, China Bank Capital Corp., Philippine Commercial Capital Inc., PNB Capital & Investment Corp. and SB Capital Investment Corp. as the joint lead underwriters and bookrunners.
East West Banking Corp., First Metro Investment Corp. and RCBC Capital Corp. served as the selling agents for the offer.
In July last year, Petron listed its Series 4A, 4B and 4C preferred shares, successfully raising P14 billion.
Be the first to comment