MANILA - Top Philippine refiner Petron Corp. plans to raise up to P10 billion ($212 million) by selling 100 million preferred shares, the company said in a filing to the securities regulator on Friday.

Petron said the shares will be sold at P50 to P100 apiece. Proceeds will be used to fund capital spending, particularly for refinery operations.

Last month the company said it was aiming to raise as much as $500 million through the issue of preferred shares early next year.

San Miguel Corp. has an exclusive option until December 2010 to buy a 50.1% stake in Petron from British investment firm Ashmore Group.