Petron Corp., chaired by Ramon Ang, said that it has concluded its follow-on offering and raised P16.8 billion in preferred shares. The oil company disclosed to the stock market that it has sold Series 4D shares valued at P8.5 billion and Series 4E shares valued at P8.33 billion.
The shares, which included 13 million preferred shares and an option to purchase up to four million more shares at P1,000 a share, were made available from September 5 to September 13.
Petron’s shelf registration
The transaction signifies the second phase of Petron's 50 million share shelf program.
Up to 13 million P1,000 series 4 preferred shares were included in the offering. Additionally, Petron offered up to 4 million shares as an oversubscription option.
“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.
Partnered banks
Petron collaborated with BDO Capital & Investment Corp. as its exclusive issue manager and joint lead underwriters and bookrunners for the offer along with Bank of Commerce, China Bank Capital Corporation, Philippine Commercial Capital, Inc., PNB Capital and Investment Corporation, and SB Capital Investment Corporation.
Selling agents included East West Banking Corporation, First Metro Investment Corporation, RCBC Capital Corporation, and PSE trading participants.
