Oil refining giant Petron Corp. plans to offer preferred shares to investors amounting to as much as P20 billion.
In a regulatory filing, Petron said majority of its shareholders approved the proposed issuance of preferred shares.
Proceeds from the issuance will be used to refinance debt.
The utility firm has yet to firm up the details of the offering.
Petron is the Philippines’ largest refiner, providing nearly 40% of the country’s fuel requirements through its Bataan refinery, 30 terminals, and over 2,400 service stations nationwide.