MANILA Aug 19 Shares of Petron Corp,
the Philippines' largest oil refiner, tumbled to their lowest in
more than 11 months on Tuesday after it said its employee
retirement fund had sold $100 million worth of shares at a
Petron, a unit of conglomerate San Miguel Corp,
said in a filing that the Petron Corporation Employees'
Retirement Plan has agreed to sell a block of 380 million shares
equivalent to a 4 percent stake, at 11.50 pesos apiece. That
represents a 9.5 percent discount to the stock's closing price
Shares of Petron fell as much as 8.7 percent in early trade,
while the broader market was up 0.4 percent.
It is the second time this year that the retirement fund has
sold shares at a discounted price of 11.50 pesos per share.
Petron said it had tapped UBS AG to act as
placement agent for the transaction which is due be completed
via the Philippine Stock Exchange on Aug. 26. No further details
were immediately available.
Petron shares have fallen nearly 17 percent so far this
year, hit by concerns over the discounted share sales and the
execution of its refinery expansion project.
(Reporting by Erik dela Cruz and Neil Jerome Morales; Editing
by Edwina Gibbs)