Philippines' San Miguel increases stake in Petron

Philippine conglomerate San Miguel Corp. has increased its stake in Philippines' largest oil refiner.

San Miguel told the Philippine Stock Exchange on Thursday that it now holds a controlling stake in Petron Corp. by buying more shares in a holding firm affiliated with London-based fund Ashmore.

San Miguel said it exercised its option to acquire 60 percent of the outstanding shares of Sea Refinery Corp.

"With the exercise of such option, the company beneficially owns approximately 68 percent of the outstanding and issued shares of stock of Petron," San Miguel said.

Prior to the full exercise of this option, San Miguel held a 38 percent interest in Petron.
(Source:xinhua)