PETRON Corp. listed its latest preferred shares offering yesterday at the Philippine Stock Exchange (PSE).

The company said in a statement yesterday it raised P16.83 billion from the said listing with the amount reflecting a 1.3x oversubscription over the P13 billion base offer, leading to an additional oversubscription of P3.83 billion.

“We thank the investment community for their strong response and continued confidence in our company. Through their support, Petron remains a viable investment option and we are committed to making sure that we continue to grow and succeed, while being a partner in nation-building,” said Ramon Ang, Petron president, in a statement.

The preferred shares were offered by Petron to the public from September 5 to 13 with dividend rates for Series 4D and 4E are 6.8364 percent per annum and 7.1032 percent per annum, respectively, and were priced at the low end of the marketing range.

Petron said the offer also marks the second tranche of the company’s 50 million shelf-registered peso-denominated preferred shares with the proceeds to be used to redeem the company’s Series 3A Preferred Shares and fund general corporate purposes, among others.

The oil company tapped BDO Capital and Investment Corp. as its sole issue manager and together with Bank of Commerce, China Bank Capital Corp., Philippine Commercial Capital, Inc., PNB Capital and Investment Corp. and SB Capital Investment Corp. as joint lead underwriters and bookrunners for the offer.

East West Banking Corp., First Metro Investment Corp., RCBC Capital Corp. and trading participants of the PSE also acted as selling agents.