By Marie S. Neri
The Philippine Stock Exchange (PSE) has approved the plan of Petron Corp. to offer P10-billion worth of preferred shares next month.
Petron targets to raise P10 billion from the 50 million perpetual preferred shares they will float to the market, with overallotment of another 50 million shares that will be offered at P100 a piece.
The final offer price will be set on Feb. 9. The offer period will start on Feb. 15 and end on Feb. 26. Shares are targeted to be listed in the first board of the local bourse on March 5.
The preferred shares are cumulative, nonvoting, nonparticipating, nonconvertible and peso-denominated, with a par value of P1 a share and redeemable at the option of the company.
The preferred shares will also have preference over common shares in the case of the dissolution of the company.
In approving the capital raising activity of Petron, the PSE imposed several conditions.
One is for Petron to submit to the exchange, within two trading days prior to the start of the offer period, the Securities and Exchange Commission’s certified true copy of the certificate of permit to offer securities for sale and registration and licensing order