Philippine Govt keeps options open on sale of balance 40% stake in Petron

09-May-08

The Philippine government is keeping its options open on the possible sale of balance 40% stake in Petron Corp, and plans to consider all offers to acquire the 3.75 bln shares held by state-run Philippine National Oil Co. in Petron. JG Summit Holdings Inc. of Taipan John Gokongwei and Morgan Stanley has expressed interest in acquiring the government's shareholdings in Petron, confirming a P24.65 bln offer for PNOC's 40% stake in Petron at P6.55 per share. The offer was higher than the one made by London-listed Ashmore Group, through its unit SEA Refinery Holdings, at P6.25 per share in March for the 40% stake held by Saudi Aramco in Petron. The total shares amount to around P23.34 billion or $550 million.