Saudi Aramco reps give up Petron board seats
In preparation for the takeover of new investors, four Saudi Aramco directors in Petron Corp. have resigned from their posts.
Ashmore Group’s Sea refinery Holdings B.V. will officially take their seats at Petron’s stockholders’ meeting today.
In a disclosure to the Philippine Stock Exchange, Petron said the directors are Kamal M. Al-Yahya, Nabilah M. Altunisi, Abdulla O. Al-Baiz, Abdallah I. Saadan have relinquished their posts.
With the Aramco divestment of its 40-percent stake to SEA Refinery for $550 million, Al-Yahya and Sulaiman M. Ababtain have also resigned as president and vice president for corporate planning, respectively.
In the same disclosure, SEA Refinery will appoint “suitable industry persons” to represent it on the board of Petron, in consultation with Petron.
State-owned Philippine National Oil Co. (PNOC) will maintain its four board seats. The remaining two directors in the 10-man board are independent directors.
Energy Secretary Angelo Reyes said the government will maintain the chairmanship at Petron despite the acquisition by the Ashmore group of the country’s largest oil refiner’s 50.57-percent shares.
“There will be no change in management. They would maintain the 5-5, same number of people in the board,” Reyes said.
“PNOC will always assume the position of chairman. President will come from Ashmore. The position of CEO is rotated every year. It will be PNOC this year and next year, Ashmore,” Reyes said.
As part of its acquisition of the 40- percent stake of Aramco’s stake in Petron for $550 million, SEA Refinery Holdings B.V., the vehicle used by Ashmore Group to buy into Petron, is required to submit a tender offer for the remaining shareholders of Petron holding the 60-percent stake.
SEA Refinery offered to purchase the remaining Petron shares totaling 5,625,104,487 common shares equivalent to the 60-percent stake at P6.531 per share for a total of $826.86 million.
The tender offer period expired at
- Latest
- Trending
