Petron sets dividend rates for Series 4 preferred shares

The country’s sole crude oil refiner, Petron Corp., has approved the dividend rates for its Series 4 preferred shares.

In a regulatory filing, Petron said Series 4A Preferred Shares (PRF4A) have a dividend rate of 6.7079% per annum, Series 4B (PRE4B) have an initial dividend rate of 6.7972% per annum, and Series 4C (PRF4C) have an initial dividend rate of 7.0861% per annum.

The Securities and Exchange Commission (SEC) had previously granted approval for Petron’s shelf registration of up to 50 million preferred shares, which will be used to pay off debts and purchase crude oil.

These preferred shares will be issued in one or more tranches within a three-year period, and will be listed and traded on the main board of the Philippine Stock Exchange.

For the first tranche, which is slated to run from June 15 to 27, Petron will offer 12.5 million preferred shares at a price of P1,000 each, with an oversubscription option of 10 million preferred shares.

The company anticipates netting P22.34 billion from the offering, assuming the oversubscription option is fully exercised.

Listing of the shares has been scheduled on July 7, as per the latest timetable submitted to the SEC.

Petron has engaged China Bank Capital Corp. as the sole issue manager for the offer, as well as a joint lead underwriter and bookrunner. Other participating institutions include Bank of Commerce, Philippine Commercial Capital, Inc., PNB Capital and Investment Corp., and SB Capital Investment Corp.

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