Public now owns 14% of Petron

Rappler.com
After the sale of shares owned by the employee's pension fund, Petron now meets the minimum public float required of listed firms

MANILA, Philippines – After Petron Corp’s empoloyee retirement unit sold its shares in the country’s biggest oil refiner and retailer, public investors now own 14.68% of Petron from previous 7.5%.

In a statement to the Philippine Stock Exchange on Wednesday, February 8, Petron’s general counsel Angelo Cruz said the Petron Corporation Employees’ Retirement Plan’s (PCERP) has sold 695.3 million common shares.

“We wish to advise the Exchange that our public ownership level is now at 14.68%,” the statement said.

This allows Petron to meet the 10% minimum required public float and be spared from sanctions that include suspension and delisting.  

On January 18, 2012, Petron disclosed that the pension fund’s board of trustees approved the sale of the common shares at P11, then a deep discount vis-a-vis the oil firm’s P13.30 share price.

Petron is controlled by diversifying conglomerate San Miguel Corp. after it acquired direct and indirect stakes starting in December 2008. Previously, public investors owned about 20% of Petron while the Philippine government and Saudi Aramco owned 40% each.  – Rappler.com

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