Petron in for Manila's North Harbor

Manila: Petron Corp, the country's largest oil refiner and retailer, will acquire 35 percent of the outstanding and issued shares of capital stock of Manila North Harbor Port Inc.
In a disclosure to the Philippine Stock Exchange, Petron said it entered into a share sale and purchase agreement on Monday with the Harbour Centre Port Terminal Inc. The agreement, however, is still subject to completion and/or submission of standard closing conditions, including corporate approvals.
Petron did not provide further details regarding the planned purchase.
In a text message, Petron parent San Miguel Corp president Ramon S. Ang, however, said the diversifying conglomerate planned to earmark an initial P20 billion for the facilities that it would put up within the North Harbor.
The amount, Ang said, would be used for the establishment of fuel tanks to serve Petron's requirements and the grains terminal and bulk cement silo for San Miguel's needs.  [04/01/11]