PSE approves Petron’s shelf application

The Philippine Stock Exchange (PSE) approved the application of Petron Corp. to place up to 50 million preferred shares on the shelf through a subsequent public offering.

The shelf listing includes Series 4 preferred shares with a par value of 1.00 pesos per share. The offering price was set at RUB 1,000 per share.

“Shelf registered shares must be floated by the company within 3 years from the effective date of the registration statement covering the shelf registration of said shares. The shares will be issued from the company’s own shares. The exchange said on Thursday.

The Securities and Exchange Commission (SEC) previously approved Petron’s shelf filing application at a meeting last week.

Up to 22.5 million Series 4 preferred shares will be offered as the first tranche, with an option to oversubscribe for an additional 10 million shares.

“In the event that the oversubscription option is partially or wholly not exercised during the offer period for the first tranche of the offer, the Series 4 Shelf Listed Preferred Stock will be automatically increased by such principal amount of the oversubscription option shares as will not be accepted or executed, which can be issued in one or more tranches during the shelf period,” the PSE said in a statement.

“The remaining 27,500,000 shares, which may be adjusted in the event of partial or non-exercising of the oversubscription option in the first tranche, will be issued in future tranches of the offer during the shelf period subject to SEC and PSE requirements. “, added the exchange.

The offer period will begin on June 14 and end on June 27, 2023. The provisional listing date is July 7, 2023.

Petron transferred to China Bank Capital Corp. as the sole issue manager of the offering, while the joint lead underwriters and bookrunners are China Bank Capital, Bank of Commerce, Philippine Commercial Capital Inc., PNB Capital and Investment Corp. and SB Capital Investment Corp.

Shares of Petron rose 2 centavos to $3.48 on Friday, outpacing the PSE benchmark, which fell 0.49 percent.