State-owned Philippine National Oil Co. has offered the sale of 40% stake in Petron Corp. to London-listed fund manager Ashmore Group for P6.85 per share, totaling to P25.69 bln. Petron said in a statement that PNOC disclosed its intention to sell its 3.75 bln shares through a formal notice. PNOC's price is higher than the P6.55 per share earlier offered by JG Summit Petrochemical Corp. for the Petron stake. Ashmore Group has 60 days to exercise its right of first offer under a shareholders' agreement with PNOC. If Ashmore declines to exercise its right, it had the option to get an eligible third party to purchase PNOC's shares in Petron.
The sale of PNOC's shares in Petron is part of government efforts to improve its fiscal position and raise funds for essential infrastructure and social programs.
07-Oct-08 
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