British fund now owns more than half of Petron

MANILA, Philippines - SEA Refinery Holdings BV, a unit of UK-based Ashmore Group, last week purchased additional shares in Petron Corporation to increase its stake to 50.57%. In a disclosure to the Philippine Stock Exchange, Petron reported that SEA Refinery purchased a total of 990,979,040 common shares at P6.531 per share after the closing of the tender offer last July 14. The Ashmore Group earlier said it plans to acquire the remaining 60% stake in Petron after the Philippine government waived its right of first refusal to buy out its partner in the listed oil company. Saudi Aramco, the Philippine government’s partner in Petron, sold its 40% stake in Petron to Ashmore for $550 million last March. State-owned Philippine National Oil Co., which holds the government shares, approved Ashmore’s right to buy more shares. The cost per share is equivalent to $0.147 based on the exchange rate at the Philippine Dealing System last June 11 at $1=P44.43. With the end of the tender offer, SEA Refinery is expected to enter into a Share Agreement with PNOC as stipulated under the Aramco Agreement. SEA Refinery is a Netherlands-based holdings company controlled by the Ashmore Group. - GMANews.TV