Date of Report (Date of earliest event reported)
Dec 23, 2016
SEC Identification Number
31171
BIR Tax Identification No.
000-168-801
Exact name of issuer as specified in its charter
PETRON CORPORATION
Province, country or other jurisdiction of incorporation
Philippines
Industry Classification Code(SEC Use Only)
Address of principal office
San Miguel Head Office Complex, 40 San Miguel Avenue, Mandaluyong City
Postal Code
1550
Issuer's telephone number, including area code
(63 2) 886-3888, 884-9200
Former name or former address, if changed since last report
N/A
Securities registered pursuant to Sections 8 and 12 of the SRC or Sections 4 and 8 of the RSA
Title of Each Class
Number of Shares of Common Stock Outstanding and Amount of Debt Outstanding
COMMON (PCOR)
9,375,104,497
PREFERRED SERIES 2A (PRF2A)
7,122,320
PREFERRED SERIES 2B (PRF2B)
2,877,680
PCOR SERIES A BONDS DUE 2021 (IN MILLIONS)
13,000
PCOR SERIES B BONDS DUE 2023 (IN MILLIONS)
7,000
TOTAL DEBT AS OF SEPT 30, 2016 (IN MILLIONS)
201,002
Indicate the item numbers reported herein
Item 2.
The Exchange does not warrant and holds no responsibility for the veracity of the facts and representations contained in all corporate disclosures, including financial reports. All data contained herein are prepared and submitted by the disclosing party to the Exchange, and are disseminated solely for purposes of information. Any questions on the data contained herein should be addressed directly to the Corporate Information Officer of the disclosing party.
Petron Corporation PCOR PSE Disclosure Form 4-1 - Acquisition or Disposition of Assets References: SRC Rule 17 (SEC Form 17-C) and Section 4.4 of the Revised Disclosure RulesSubject of the Disclosure |
Purchase of assets further to Company's disclosure last September 15, 2016. |
Background/Description of the Disclosure |
Purchase by the Company of the 140MW Solid Fuel-Fired Power Plant (the "Power Plant") of SMC PowerGen Inc. located in the Petron Bataan Refinery. The proposal to purchase the Power Plant was approved by the Executive Committee of the Board of Directors on September 15, 2016 and confirmed by the Board of Directors on November 8, 2016. |
Date of Approval by
Board of Directors Nov 8,2016
Rationale for the transaction including the benefits which are expected to be accrued to the Issuer as a result of the transaction
The purchase of the Power Plant would lower the power and steam costs of the Petron Bataan Refinery.
Details of the acquisition or disposition
Date Dec 23, 2016
Description of the Transaction |
Purchase of Power Plant assets |
Manner |
Purchase |
Description of the assets involved |
140 MW Co-Generation Solid Fuel-Fired Power Plant located at the Petron Bataan Refinery |
Terms and conditions of the transaction
Nature and amount of consideration given or received |
PhP20,029,982,560 (inclusive of value added tax) |
Principle followed in determining the amount of consideration |
The consideration was negotiated and agreed upon based on the extent of Power Plant assets. |
Terms of payment |
PhP15,966,457,709 on December 23, 2016 PhP 4,063,524,851 on or before July 31, 2017 |
Conditions precedent to closing of the transaction, if any |
None |
Any other salient terms |
None |
Identity of the person(s) from whom the assets were acquired or to whom they were sold
Name | Nature of any material relationship with the Issuer, their directors/ officers, or any of their affiliates |
SMC PowerGen Inc. | Affiliate |
Effect(s) on the business, financial condition and operations of the Issuer, if any |
The purchase of the Power Plant would lower the power and steam costs of the Petron Bataan Refinery. |
Other Relevant Information |
None |
If the transaction being reported is an acquisition, kindly submit the following additional information:
Source(s) of funds |
The funds for the purchase of the Power Plant are from internally generated funds and through credit facilities secured by the Company to fund the purchase of the Power Plant. |
If any asset so acquired by the issuer or its subsidiaries constituted plant, equipment or other physical property, state the nature of the business in which the assets were used by the persons from whom acquired and whether the issuer intends to continue such use or intends to devote the assets to other purposes, indicating such other purposes |
The Power Plant was used by SMC PowerGen Inc. for the production of power and steam and the Company intends to devote the Power Plant for the same purpose. |
Filed on behalf by:
Name | Jhoanna Jasmine Javier-Elacio |
Designation | Legal Manager and Assistant Corporate Secretary |
Petron Corporation published this content on 23 December 2016 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 13 January 2017 14:45:10 UTC.
Original documenthttp://www.petron.com/web/Media/uploads/12_23_16_-_Power_Plant_Acquisition._.pdf
Public permalinkhttp://www.publicnow.com/view/413FD5A343E2900831F3752F8D1D746ED800D5B6