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SEC 20-IS 2010 (Definitive) -1

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SEC 20-IS 2010 (Definitive) -1 SECURITIES AND EXCHANGE COMMISSION SEC FORM 20-IS Information Statement Pursuant to Section 20 of the Securities Regulation Code 1. Check the appropriate box: __ _ Preliminary Information Statement ___x Definitive Information Statement 2. Name of Registrant as specified in its charter PETRON CORPORATION 3. MANDALUYONG CITY, PHILIPPINES Province, country or other jurisdiction of incorporation or organization 4. SEC Identification Number 31171 5. BIR Tax Identification Code 000-168-801 6. Address of principal office SMC Head Office Complex. 40 San Miguel Ave., Mandaluyong City Postal Code 1550 7. Registrant’s telephone number, including area code (632) 886-3888 8. Date, time and place of the meeting of security holders Date - July 12, 2011 Time - 2:00 p.m. Place - Valle Verde Country Club Capt. Henry Javier Street, Oranbo, Pasig City 9. Approximate date on which the Information Statement is first to be sent or given to security holder June 6, 2011 10. Securities registered pursuant to Sections 8 and 12 of the SRC or Sections 4 and 8 of the RSA (information on number of shares and amount of debt is applicable only to corporate registrants): Title of Each Class Number of Shares of Outstanding Common Stock 9,375,104,497 Shares Preferred Stock 100,000,000 Shares 11. Are any or all of registrant's securities listed on the Philippine Stock Exchange? Yes X No _______ If yes, disclose the name of such Stock Exchange and the class of securities listed therein: Philippine Stock Exchange - Common and Preferred shares 1 NOTICE OF ANNUAL MEETING OF STOCKHOLDERS July 12, 2011 The Annual Meeting of the Stockholders of Petron Corporation will be held on Tuesday, July 12, 2011 at 2:00 p.m. at the Valle Verde Country Club, Capt. Henry Javier Street, Oranbo, Pasig City. The Agenda of the Meeting is as follows: (1) Call to Order (2) Report on Attendance and Quorum (3) Review and Approval of Minutes of Previous Annual Stockholders’ Meeting (4) Management Report and Submission of Financial Statements to Stockholders for the Year 2010 (5) Ratification of all acts of the Board of Directors and Management during the year 2010 (6) Approval by the Stockholders of the Amendment of By-Laws (7) Retention of Independent External Auditor (8) Election of the Board of Directors for the ensuing term (9) Such other business as may properly come before it Minutes of the 2010 Annual Stockholders’ Meeting will be available upon registration at the day of the Meeting. The deadline for submission of proxies is on June 6, 2011. For corporations, proxies must be accompanied by its Corporate Secretary’s sworn certification setting the corporate officer’s authority to represent the corporation in the meeting. Proxies need not be notarized. Validation of proxies will be on July 1, 2011 at 2:00 p.m. at the SMC Stock Transfer Service Corporation Office, 2 nd Floor, SMC Head Office Complex, 40 San Miguel Avenue, Mandaluyong City, Philippines. For your convenience in registering your attendance, please present some form of identification, such as passport, driver’s license, or company I.D. Registration will start at 1:00 p.m. and the registration booths will be closed at 2:15 p.m. JOEL ANGELO C. CRUZ AVP - General Counsel & Corporate Secretary 2 INFORMATION REQUIRED IN INFORMATION STATEMENT WE ARE NOT ASKING YOU FOR A PROXY AND YOU ARE REQUESTED NOT TO SEND US A PROXY However, if you cannot attend and you wish to send a representative/proxy, please send your proxy letter to the Office of the Corporate Secretary, Petron Corporation on or before July 1, 2011. On the day of the Annual Stockholders’ Meeting, July 12, 2011 your representative should bring the Stockholder’s Identification Slip, any valid ID i.e. driver’s license, company ID, TIN card, etc. and the proxy letter. Date, time and place of meeting of security holders Date - July 12, 2011 Time - 2:00 p.m. Place - Valle Verde Country Club Capt. Henry Javier Street Oranbo, Pasig City Principal Office - SMC Head Office Complex, 40 San Miguel Ave., Mandaluyong City Postal Code 1550 Dissenters’ Right of Appraisal As provided in Title X of the Corporation Code, a stockholder may exercise his appraisal right in the following instances: 1) when there is a change or restriction in the rights of any stockholder or class of shares; 2) when the corporation authorizes preferences in any respect superior to those of outstanding shares of any class; 3) when there is an extension or shortening of the corporate existence; 4) in case of a sale, lease, exchange, transfer, mortgage, pledge or other disposition of all or substantially all of the corporate property or assets; 5) in case of a merger or consolidation. In the exercise of the appraisal right, Sec. 82 provides the procedure on how it may be exercised: 1) A dissenting stockholder files a written demand within 30 days after the date on which the vote was taken. Failure to file the demand within the 30-day period constitutes a waiver of the appraisal right. Within ten (10) days from demand, the dissenting stockholder shall submit the stock certificates to the corporation for notation that such shares are dissenting shares. From the time of demand for payment until either abandonment of the corporate action or purchase of the shares by the corporation, all rights accruing to the shares shall be suspended, except the stockholders’ right to receive payment of the fair value of his shares. 2) If corporate action is implemented, the corporation pays the stockholder the fair value of his shares upon surrender of the certificate/s of stock. Fair value is determined by the value of shares on the day prior to the date of which the vote was taken, excluding appreciation/depreciation in anticipation of such corporate action. 3 3) If the fair value is not determined within 60 days from date of action, it will be determined by 3 disinterested persons (one chosen by the stockholder, another chosen by the corporation, and the last one chosen by both). The findings of the said appraisers will be final, and their award will be paid by the corporation within 30 days after such award is made. Upon such payment, the stockholder shall forthwith transfer his shares to the corporation. No payment shall be made to the dissenting stockholder unless the corporation has unrestricted retained earnings. 4) If the stockholder is not paid within 30 days from such award, his voting and dividend rights shall be immediately restored. Interest of Certain Persons in or Opposition to Matters to be Acted Upon There is no matter to be acted upon in which any of the current Directors, Executive Officers and those who will be nominated as directors during the meeting is involved or had a direct, indirect, or substantial interest. Likewise, no director has informed the Company of his opposition to any matter to be acted upon. Voting Securities and Principal Holders Thereof As of April 30, 2011, the total number of outstanding shares are 9,375,104,497 and 100,000,000 common and preferred shares, respectively, with par value of One Peso (P1.00) per share. Each common share is entitled to one vote. While preferred shareholders have no voting rights except under instances provided under the Corporation Code. The three biggest shareholders are SEA REFINERY CORPORATION (SRC) (50.10%), PETRON CORPORATION EMPLOYEES’ RETIREMENT PLAN (PCERP) (24. 28%) and SAN MIGUEL CORPORATION (SMC) (18.16%). All stockholders of record as of May 26, 2011 are entitled to notice and vote at the Annual Stockholders’ Meeting. Under Section 24 of the Corporation Code, cumulative voting is allowed in the election of Directors. Thus, a stockholder may distribute his votes per share to as many persons as there are directors to be elected, or he may cumulate his shares and give one candidate as many votes as the number of directors to be elected multiplied by the number of shares he has; or he may distribute them on the same principle among as many candidates as he shall see fit; provided, that the total number of votes cast by him shall not exceed the number of shares owned by him as shown in the books of the corporation multiplied by the whole number of directors to be elected. 4 Security Ownership of Certain Record and Beneficial Owners and Management Security ownership of certain record and beneficial owners of more than 5% of common shares as of April 30, 2011 are : Title of Name & address of record Name of beneficial owner & Citizenship No. of shares held Percent Class owner & relationship with relationship with record Common SEA Refinery Corporation SEA Refinery Corporation Filipino 4,696,885,564 50.10% Shares 19F Liberty Center, dela Costa (SRC) common shares St., Salcedo Village, (100% owned by San Miguel Makati City Major Corporation) Stockholder Common Petron Corporation Petron Corporation Filipino 2,276,456,097 24.28% Shares Employees Retirement Plan Employees Retirement Plan common shares (PCERP) (PCERP) SMC-HOC, 40 San Miguel Ave., Mandaluyong City Major Stockholder Common San Miguel Corporation San Miguel Corporation Filipino 1,702,870,560 18.16% Shares SMC-HOC, 40 San Miguel (SMC) common shares Ave., Mandaluyong City Directly and indirectly owns Major Stockholder 68% in Petron With the exercise of SMC’s option to purchase 100% of the shares of SRC in December 2010, it now directly and indirectly owns 68% of the total outstanding and issued shares of Petron. 5 Security ownership of directors and executive officers as of April 30, 2011 are: Title of Class Name of Beneficial Owner Citizenship Amount Nature of Percent of Beneficial Ownership Ownership Directors Common Ramon S.
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