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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