By MYLA IGLESIAS

Ashmore Group, through its unit SEA Refinery Holdings B.V. yesterday reported that it now holds majority control of Petron Corp., hiking its stake in the country's biggest refiner to 50.57 percent.

SEA Refinery bought the additional stake of 10.57 percent from the public who availed of its tender offer.

In report submitted with the Philippines Stock Exchange, Petron said SEA Refinery has acquired 990,979,040 common shares in the tender offer and paid P6.531 per share. The tender offer period ended last Monday, July 14.

Earlier SEA Refinery bought Aramco Overseas Co. BV's 40 percent stake in Petron for $550 million.

After the government approved the sale of the Aramco stake, Ashmore offered to buy the remaining 60 percent but the government represented by Philippine National Oil Co. decided to keep its 40 percent stake in Petron.

Saudi Aramco and Ashmore will close the sale on August 11. Some 9.43 percent of Petron shares are with individual investors.

Energy secretary Angelo Reyes yesterday said that there will be no changes in the management of the Petron, despite Ashmore getting majority control.

"They would maintain equal representation in the board, five directors each," Reyes said.

Reyes disclosed that Ashmore agreed to the five director representation regarless of their shareholdings of 50 or 60 percent.

The annual stockholders of Petron will be on July 31, 2008 "PNOC will always assume the position of chairman. The poresident will come from Ashmore. The position of CEO is rotated every year. It will be PNOC this year and next year, Ashmore", he said.

Virginia A. Ruivivar Petron Public Affairs Manager agreed that there is no impact on the shareholder's agreement.

"On closing of the tender offer and as required by the Aramco agreement, the bidder shall enter into a shareholder's agreement with PNOC and Petron in respect of their respective ownerships in Petron" Ruivivar said.

Petron has total assets of P104.5 billion. It supplies 40 percent of country's refined product requirement, with rated capacity of 180,000 barrel per day. It also exports petroleum products to Cambodia, South Korea, China and Australia. The Ashmore Group is a listed firm on London Stock Exchange, its leading emerging market manager with $36.5 billion in assets as of last year.