Ashmore makes $829m offer for 60% Petron stake

13 June 2008 12:19  [Source: ICIS news]

SINGAPORE (ICIS news)--UK-based investment house Ashmore Group, through its wholly owned subsidiary SEA Refinery Holdings BV, has made a Philippine peso (Ps)36.7bn ($829m) offer for the balance 60% shares in Philippines oil major Petron Corp, it said on Friday.

Ashmore had recently purchased a 40% stake in Petron from Saudi Aramco in a deal worth over $550m.

This transaction triggered the mandatory tender offer rules of Philippines' Securities and Exchange Commission that required Ashmore to make a general offer for the balance 60% shares of which PNOC holds a 40% stake and the public holds the balance.

Petron is the largest oil-refining firm in the Philippines with an output capacity of 180,000 bbl /day and it supplies nearly 40% of the country’s total fuel requirements. 

($1 = Ps 44.29)

By: Bohan Loh
+65 6780 4359

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