Petron to offer P15B perpetual bonds
Oil refining giant Petron Corp. plans to raise P15 billion from an offering of perpetual preferred shares.
The amount includes an oversubscription option of up to P5 billion, Petron said in a filing with the stock exchange.
Petron has yet to firm up the final terms and conditions of the issue.
A perpetual preferred stock has no maturity date and dividends are paid indefinitely.
Petron plans to invest over $1 billion to upgrade its refinery in Bataan and expand its retail network in Malaysia and the Philippines.
The company supplies about 40% of the country’s fuel requirements. It also owns the Port Dickson Refinery in Malaysia with a capacity of 88,000 barrels a day.