PETRON Corp., the largest oil refining and marketing company in the Philippines, is seeking to raise $500 million from the sale of undated unsubordinated capital securities. Petron announced earlier this week that it would repurchase up to $350 million of its $750 million outstanding undated securities listed on the Stock Exchange of Hong Kong (HKEx). This came after company’s Executive Committee approved the conduct of a tender offer to holders of its outstanding $750-million, 7.5-percent capital securities. After the repurchase of the securities, Petron would lodge an application with the Singapore Exchange Securities Trading Ltd (SGX-ST) for the listing and quotation of the securities on the SGX-ST. Petron said the exercise is part of its active management of its capital structure and is intended to be funded by the issuance of the new securities.
Source: Manila Times January 12, 2018 17:15 UTC