PETRON Corp., the refiner 40-percent owned by Saudi Aramco, had its biggest gain in more than three months in yesterday’s trading after JG Summit Holdings Inc. said it’s keen to buy the government’s stake in the refiner.

Petron rose 7.1 percent to close at P6, making it the best-performing stock on the Philippine Stock Exchange yesterday. That’s the biggest increase since January 15, when it gained 7.6 percent. JG Summit climbed 4.4 percent to P9.60, the biggest gain since March 19, when it rose 5.6 percent. It was the second-biggest gainer.

JG Summit’s petrochemical unit, JG Summit Petrochemical Corp., said it’s seeking a meeting with the government to discuss an offer to buy the state’s 40-percent stake in Petron for P6.55 a share, or P24.6 billion.

“There’s going to be synergy in that,” said George Ching, an analyst at brokerage CitisecOnline.com, who has a “buy” recommendation on Petron and a target price of P7.70 for the stock. “It will be good for Petron to be left in the hands of the private sector because that can improve its efficiency.”

Energy Secretary Angelo Reyes said last month that the government may exercise its option to match an offer by London-based fund manager Ashmore Group Plc. to buy Aramco’s 40-percent stake in Petron and sell it together with the government’s 40 percent in the oil refiner.

JG  Summit Petrochemical, which sells materials used by plastic makers, will gain access to petrochemicals with the purchase, Ching said. (Bloomberg)

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Hydroelectric Development Corp. (Hedcor) is set to sign a loan with three banks this month for the development of the 42-megawatt (MW) Sibulan hydroelectric power plant in Davao.

PETRON Corp., the refiner 40-percent owned by Saudi Aramco, had its biggest gain in more than three months in yesterday’s trading after JG Summit Holdings Inc. said it’s keen to buy the government’s stake in the refiner.

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