Petron's pension to sell $174M in refiner shares

Posted at 01/17/12 4:42 PM

HONG KONG/MANILA - Petron Corp. Employees Retirement Plan (PCERP) plans to sell about $174 million worth of shares in the Philippines' biggest oil refiner, Petron Corp., according to a term sheet for the transaction seen by Reuters on Tuesday.

The pension fund is offering 695.3 million shares at P11, putting the deal size at P7.65 billion ($174.3 million). The shares were offered at a discount of 17.3% from the P13.30 closing price on Tuesday.

Petron, in a filing, said the PCERP's board of trustees on Tuesday approved the sale of a certain number of shares in Petron on the Philippine Stock Exchange, subject to market conditions.

Petron did not provide further details.

The $2.8 billion oil refiner, which also has a retail station network, is controlled by food-to-power conglomerate San Miguel Corp.

San Miguel had planned to acquire more shares in Petron after gaining majority control of the oil refiner in 2010.