Petron Corporation, the country’s top oil refiner, aims to raise upto P15 billion or $310 million via a private placement of fixed-rate notes starting May, according to Eric Recto, the company’s president. Recto said that proceeds of the notes issue will be used to fund the company’s five-year expansion plan worth $700 million to $1 billion. No word yet on the mechanics of the notes issue, or wheather it will be open to small investors.
The company is now fully private, after the government’s stake was sold to Ashmore. Late last year, San Miguel Corporation entered to an agreement with Ashmore, with some SMC executives now occupying key positions in the management of Petron.
