{"id":329255,"date":"2024-09-02T01:27:39","date_gmt":"2024-09-01T17:27:39","guid":{"rendered":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/?p=329255"},"modified":"2024-09-02T01:27:41","modified_gmt":"2024-09-01T17:27:41","slug":"trade-the-news-pcor-raising-up-to-p17-billion-from-preferred-shares","status":"publish","type":"post","link":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/trade-the-news-pcor-raising-up-to-p17-billion-from-preferred-shares\/","title":{"rendered":"Trade the News: PCOR raising up to P17 billion from preferred shares"},"content":{"rendered":"\n
Potential Impact of this News<\/strong><\/td>POSITIVE on the stock price<\/strong><\/td><\/tr>
Company<\/strong><\/td>Petron Corp.<\/td><\/tr>
Stock Code<\/strong><\/td>PCOR<\/td><\/tr>
Long-term Recommendation on the Stock<\/strong><\/td>Buy<\/td><\/tr>
1-Year Target Price<\/strong><\/td>PHP 4.13<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n
<\/div>\n\n\n\n

Petron Corp. (PCOR) has set the initial dividend rate for its planned follow-on offering of up to P17 billion worth of preferred shares.<\/p>\n\n\n\n

The oil giant told the Philippine Stock Exchange (PSE) that the Series 4D and 4E preferred shares would carry an annual payout rate of 6.8364% and 7.1032%, respectively.<\/p>\n\n\n\n

\u201cThe initial dividend rates were reasonably priced based on institutional feedback from the bookbuilding exercise,\u201d Juan Paolo Colet of China Bank Capital Corp. told The STAR.<\/p>\n\n\n\n

Amid rate-cut hopes in the next 16 months, Colet said investors are \u201cseeking to lock in attractive yields from a quality issuer like Petron.\u201d<\/p>\n\n\n\n

The PSE earlier cleared the company\u2019s fundraising activity, which consists of a base offering of 13 million shares and an oversubscription option of up to four million shares at a price of P1,000 apiece.<\/p>\n\n\n\n

The share sale represents the second tranche of Petron\u2019s shelf registration of up to 50 million preferred shares.<\/p>\n\n\n\n

The offer period will run from Sept. 5 to 13, with the listing of offer shares targeted on Sept. 23.<\/p>\n\n\n\n

The proceeds will be used to redeem Petron\u2019s Series 3A preferred shares, refinance maturing obligations and fund general corporate purposes, including the purchase of crude oil inventory.<\/p>\n\n\n\n

BDO Capital & Investment Corp. will act as the sole issue manager, with BDO Capital, Bank of Commerce, China Bank Capital, Philippine Commercial Capital Inc., PNB Capital & Investment Corp. and SB Capital Investment Corp. as the joint lead underwriters and bookrunners.<\/p>\n\n\n\n

(News Source: Philippine Daily Inquirer<\/a>)<\/em><\/p>\n\n\n\n

<\/div>\n\n\n\n

This report is prepared by PinoyInvestor\u2019s partner broker below. Find out more about our partner brokers<\/a> and sign up to avail their complete trading brokerage services.<\/em><\/em><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Take advantage of the price opportunity that might arise when the news hits. Trade the news!<\/p>\n","protected":false},"author":11,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1371],"tags":[],"class_list":["post-329255","post","type-post","status-publish","format-standard","hentry","category-trade-the-news","generate-columns","tablet-grid-50","mobile-grid-100","grid-parent","grid-33"],"_links":{"self":[{"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/posts\/329255","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/users\/11"}],"replies":[{"embeddable":true,"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/comments?post=329255"}],"version-history":[{"count":1,"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/posts\/329255\/revisions"}],"predecessor-version":[{"id":329257,"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/posts\/329255\/revisions\/329257"}],"wp:attachment":[{"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/media?parent=329255"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/categories?post=329255"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/tags?post=329255"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}