The Philippine Stock Exchange (PSE) has asked San Miguel Corp (SMC) to justify why it shouldn’t be sanctioned for possible disclosure rule violations after it acquired majority stake in the major Philippine Oil refiner, Petron Corp.
SMC acquired its stake after acquiring a subsidiary of UK’s the Ashmore Group that held their shares in Petron. Ashmore acquired the 40% stake of the government late last year after paying P25.7 billion.
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Yesterday it was announced that the Ashmore Group had acquired already the Philippine government’s 40% share in major Oil giant, Petron Corp., by the payment of the agreed upon P25.7 billion selling price.
In an agreement signed with the UK based Ashmore Group, San Miguel Corp will now proceed to acquire their subsidiary, SEA Refinery Holdings BV (holder of Ashmore’s shares in Petron) so as to take ownership of Ashmore’s 91% stake in Petron. Prior to the purchase of the government’s shares, Ashmore already had a 50.1% stake in Petron.
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We’ve expanded further our coverage of the gasoline prices in the Philippines, since we’ve been getting a lot of requests for more data. What we had before was just a monthly average of fuel prices.
In this page you’ll see data on the different Oil providers in the Philippines, from the big three (Shell, Petron, Caltex/Chevron) to the small oil players (Flying V, SeaOil, Jetti, Total, Eastern, Unioil, City Oil). As well as the fuel products they carry: Unleaded, Diesel, E10, Auto-LPG.
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Former Senator and now chief of the National Economic and Development Authority (NEDA), Ralph Recto, is calling on congressmen to draft Anti trust laws to prevent public utilities (specifically oil companies) from colluding, cartel like, in rigging their pricing so as to be profitable to them. Anti trust laws will promote “true” competition in the market place.
All this was brought about by the government feeling that the Oil companies were taking too long in lowering their prices.
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Food Conglomerate, San Miguel Inc, has announced that they are buying 50.1% of Ashmore Investment Management Ltd’s stake in Petron.
Ashmore, a company incorporated in the UK, recently bought from the Philippine government their 40% stake in the Oil giant at P6.85/share. The total cost of sale would be around P25.7 B. This year also they had bought the 40% stake of Saudi Aramco in Petron giving them a 50% stake in the company prior to their acquisition of the Philippine government’s shares.
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Despite the low price of gasoline in the Philippines (and the world for that matter), the department of energy said that they will push through with the implementation of the biofuel law as well as higher biofuel mixture in fuels sold at the pump.
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