Aramco sells Petron stake to Ashmore for $550 mln -memo

HONG KONG, March 19 (Reuters) - Aramco Overseas BV, a subsidiary of Saudi Aramco, has sold its 40 percent stake in Petron Corp (PCOR.PS: Quote, Profile, Research, Stock Buzz) to London-based investment fund Ashmore Group (ASHM.L: Quote, Profile, Research, Stock Buzz) for around $550 million, according to a memo obtained by Reuters on Wednesday.

Petron, based in the Philippines, had been holding informal talks with Ashmore after the fund offered to buy Aramco's stake last week.

The agreement will be paid in two installments, according to the memo: an initial payment of $200 million at closing, and the remaining $350 million payable within 12 months. (Reporting by Michael Flaherty, Editing by Edmund Klamann)