Petron block puts Philippine oil refiner on international radar

Petron's pension fund sells $175 million worth of shares at a fixed discount of 17.3% one day before a Temasek entity was aiming to reduce its stake in Thailand's Shin Corp by selling up to $260 million worth of shares.
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San Miguel's head office, where Petron is now based
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<div style="text-align: left;"> San Miguel's head office, where Petron is now based </div>

Investors on Tuesday night got a chance to buy into Petron Corp, the largest oil refiner in the Philippines, when the company’s pension fund sold Ps7.65 billion $175 million worth of shares through a block trade.

The company, which is 68.3% owned by San Miguel Corp and accounts for close to 40% of the domestic sales volumes of refined oil products, had a free-float of just 7.4% before the sale and as a result the stock was thinly traded and didn’t really appeal to international funds.

This may change now. According to various sources, about 50% to 70% of the shares sold went to international accounts.

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