Petron secures PSE nod for P17-B share offering
PETRON Corp. has obtained approval from the Philippine Stock Exchange (PSE) for the second tranche of its P17-billion follow-on offering, consisting of up to 17 million preferred shares.
The offering includes 13 million Series 4 preferred shares and an oversubscription option of up to four million additional shares, subject to the requirements of the Securities and Exchange Commission, the PSE said on Thursday.
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.
“The Exchange’s approval of the listing of the second tranche shares is subject to the company’s compliance with any and all of the post-approval conditions and requirements of the Exchange, the Securities and Exchange Commission, and other relevant regulatory bodies,” PSE said.
“The same is without prejudice to any subsequent action that the Exchange may take in relation to the Company’s compliance with applicable rules of the Exchange,” it added.
The offer period will run from Sept. 5 to Sept. 13, with a tentative listing date on the Philippine Stock Exchange’s Main Board set for Sept. 23.
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