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Petron raises P14B in preferred share offering

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ABS-CBN News

MANILA -- Petron Corp. on Friday said its preferred shares offering has raised P14 billion.In a statement, Petron said the initial base offer of P12.5 billion was oversubscribed by P1.5 billion when it was offered from June 15 to June 27.Dividend rates per annum on the preferred shares ranged from 6.70779 percent for Series 4A to 7.0861 percent for Series 4C.Petron had earlier said that the amount raised will be used to redeem their senior perpetual capital securities issued in 2018.In May, Petron said it posted a P3.4 billion net income in the first quarter, slightly lower than the P3.6 billion in the same period last year partly due to higher financing costs. <ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/05/10/23/petron-net-income-dips-slightly-to-p34-billon-in-q1">Petron net income dips slightly to P3.4 billon in Q1</a></li></ul>

Fuel giant Petron Corp. on Friday said its preferred shares offering raised P14 billion.