PHILIPPINES – Petron Corporation (PSE:PCOR)’s stock gained 2.17% in today’s trading session at the Philippine Stock Exchange (PSE) to become the biggest gainer among the PSE’s blue chips with a closing price of P7.05 a share.
Petron, which forecasts 20 percent profit margin after refinery upgrade, opened at Php6.90, or P0.04 higher from its 52-week low of Php6.86. It traded higher at Php7.05 and stayed on the price until today’s close.
A total of 1.577 million shares of Petron Corporation (PSE:PCOR) exchanged hands in today’s trading, with a total value of Php12.262 million. Its market capitalization stands at Php64.688 billion.
Petron Corporation’s stock gained in today’s trading on news that it expects its upgraded refinery to boost its profit margin to 20 percent starting next year, providing a more stable source for the company that’s exposed to the volatility of oil prices in the world market.
etron Corporation (PCOR) was incorporated in 1966 as Esso Philippines, Inc. (Esso) and later renamed to Petrophil Corporation when the Philippine National Oil Company (PNOC) acquired Esso. In 1985, Petrophil Corporation (Petrophil) and Bataan Refinery Corporation were merged, with Petrophil as the surviving corporation. Petrophil later changed its corporate name to Petron Corporation in 1988.
On March 13, 2008, PCOR’s shareholder, Aramco Overseas Company B.V. (AOC), entered into a share purchase agreement with Ashmore Investment Management Limited (Ashmore Group) and subsequently issued a transfer notice to PNOC to signify its intent to sell its 40% equity stake in PCOR. Eventually, SEA Refinery Holdings B.V. (SEA BV), a Dutch company managed by the Ashmore Group, acquired AOC’s 40% interest in PCOR in July 2008. In December 2008, the 40% interest of PNOC in PCOR was purchased by SEA Refinery Corporation (SRC), a domestic corporation wholly-owned by SEA BV. – BusinessNewsasia.com