Petron Corp., the country’s leading oil refiner, successfully listed its P10-billion worth of perpetual preferred shares at the Philippine Stock Exchange on Friday.
The issue, composed of 100 million preferred shares, was the single largest perpetual preferred shares listing in the Exchange.
“The strong response to our issue reflects the trust and confidence of the investment community in the viability of Petron over the long-term,” Petron president Eric O. Recto said.
“It likewise confirms the public’s belief in the company’s undisputed market leadership backed by the biggest refining capacity in the country as well as an extensive distribution and service station network, sound financials and growth potential, including numerous synergies with the San Miguel Group,”he also said.
Earlier, Petron’s issuance was composed of 50 million preferred shares worth P5 billion. But due to high demand from institutional and retail investors, it exercised its over allotment option, doubling its issuance to 100 million shares.
Recto said proceeds from the issuance would fund thye company’s capital expenditures aimed at enhancing its market dominance and ensuring Petron’s growth momentum for many years to come.