Petron retirement fund sells P2B worth of shares
MANILA, Philippines - The retirement fund of oil industry giant Petron Corp. has sold almost 200 million common shares to a Singapore-based investment bank.
In a disclosure, the country’s top oil refiner said Petron Corp. Employees’ Retirement Plan (PCERP), sold to Credit Suisse (Singapore) Ltd. 195 million common shares representing two percent of the outstanding capital stock of the company.
The company did not specify how much the shares were sold but based on the Dec. 4 closing price of P10.42 per share, the transaction is worth P2.03 billion.
Since early this year, PCERP has been selling down its shares in Petron to increase the public float of the oil refiner.
In January, the retirement fund sold 695.3 million common shares at P11 apiece for a total P7.648 billion.
Following the share sale, PCERP’s stake in Petron dropped to 16.86 percent.
PCERP was previously the second largest shareholder of Petron after SEA Refinery Corp. with a 50.1 percent stake. Food-to-infrastructure conglomerate San Miguel Corp. (SMC) owned 18.16 percent and controls SEA Refinery as of Jan. 2012.
In the nine months to September, Petron’s consolidated net income sank to P932 million from P7.6 billion a year ago due to volatility in fuel prices despite higher sales.
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