Petron transfers headquarters to San Miguel office

ABS-CBN News

Posted at Apr 02 2010 05:16 PM | Updated as of Apr 03 2010 01:16 AM

MANILA, Philippines - The country's biggest oil retailer Petron Corp is moving its headquarters from Makati to Mandaluyong City.

In a disclosure to the stock exchange on Wednesday, Petron said its new corporate address will be at the head office complex of San Miguel Corporation in Mandaluyong City.

The transfer is effective May 17.

San Miguel currently owns an indirect majority stake in Petron after it bought an option to purchase the stake of another shareholder in December 2008.

Officials from San Miguel and their allies from the Robert Ongpin-Ashmore bloc currently control the Petron board.

Petron, one of the "Big 3" oil companies in the Philippines, has been holding office at and is the anchor tenant of the 45-storey skyscraper Petron Megaplaza, the fourth tallest building in the country