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Philippines' Petron selects BDO Capital & Investment, BPI Capital, ING Bank to manage stock issue

Posted on: Fri, 27 Nov 2009 07:46:00 EST

Symbols: PETZF

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Dublin, Nov 27, 2009 (M2 PRESSWIRE via COMTEX) --
PETZF | Quote | Chart | News | PowerRating -- 27 November 2009 - Philippines' major refiner Petron Corp (PSE:PCOR)
said today it has hired BDO Capital & Investment, BPI Capital and ING
Bank to help it raise some PHP10bn (USD211.8m/EUR142m) in a preferred
share offering.

The company will place up to 100 million shares at a price of between
PHP50 and PHP100 each, according to its filing with the securities
regulator.

Petron will use the raised funds to finance its refinery operations and
redeem short-term obligations.

The company provided no information regarding the issue date, but said
in October it was seeking to pocket some USD500m through a preferred
stock offering at the beginning of 2010.

Comments on this story may be sent to admin@m2.com

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