Petron to sell up to $229M preferred shares

Posted at 09/04/14 11:05 AM

MANILA - Petron Corp, the largest oil refiner in the Philippines, said on Thursday it plans to raise as much as $229 million by selling preferred shares.

In a disclosure, the company said its executive committee approved the public offer of P7 billion worth of preferred shares, with an oversubscription option of up to 3 billion.

Petron, owned by the country's most diversified conglomerate San Miguel Corp, is spending $2 billion to upgrade its refinery in Bataan province west of Metro Manila.

Shares of Petron rose 0.17 percent to P11.98 apiece while the broader index inched up 0.11 percent as of 0153 GMT.