Petron Corporation Raises Nearly P17 Billion in New Preferred Shares Offering

​Oil industry leader Petron Corporation has raised P16.83 billion from its latest preferred shares offering listed today, September 23, at the Philippine Stock Exchange (PSE).

​The total amount raised reflectes a 1.3x oversubscription over the P13 billion base offer, leading to an additional oversubscription of P3.83 billion. Such numbers underscore the strong demand for Petron's preferred shares.

"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," said Petron President and CEO, Ramon S. Ang.

The preferred shares were offered to the public from September 5 to 13. Dividend rates for Series 4D (PRF4D) and 4E (PRF4E) are 6.8364% p.a. and 7.1032% p.a., respectively, and were priced on the low end of the marketing range.

The offer marks the second tranche of the company's 50 million shelf-registered Peso-denominated preferred shares. The proceeds from the Offer will be used to redeem the company's Series 3A Preferred Shares and fund general corporate purposes, among others.

The oil company partnered with BDO Capital & Investment Corp. as its Sole Issue Manager, and together with Bank of Commerce, China Bank Capital Corporation, Philippine Commercial Capital, Inc., PNB Capital and Investment Corporation, and SB Capital Investment Corporation, as Joint Lead Underwriters and Bookrunners for the Offer.

East West Banking Corporation, First Metro Investment Corporation, RCBC Capital Corporation, and trading participants of the PSE also acted as selling agents.

Petron Corporation is the largest oil refining and marketing company in the Philippines and is a leading player in the Malaysian Market. It has a combined refining capacity of 268,000 barrels-per-day and produces full range of world-class fuels and petrochemicals. It operates about 50 terminals in the region and has around 2,700 service stations where it retails world-class gasoline and diesel. Petron is dedicated and passionate about its vision to be the leading provider of total customer solutions in the energy sector and its derivative businesses.