UPDATE 1-Manila's Petron plans $212 mln pref share issue

(Adds more details, background)

MANILA, Nov 27 (Reuters) - Top Philippine refiner Petron Corp (PCOR.PS) said it plans to raise as much as 10 billion pesos ($212 million) through the sale of preferred shares to fund capital spending on its refinery operations and repay short-term debt.

Petron said in a filing to the securities regulator on Friday it would sell up to 100 million shares at 50-100 pesos apiece, but did not set a price.

BDO Capital & Investment Corp, BPI Capital Corp and ING Bank N.V., Manila branch were appointed lead managers of the share issue.

It did not say when it was planning to hold the share sale, but Petron said last month it was looking to raise as much as $500 million through the issue of preferred shares early next year. [ID:nMAN456364]

In May, the company raised 10 billion pesos from the sale of 5- and 7-year fixed rate notes to fund its expansion. [ID:nMAN414031]

Part of its expansion plan include the building of a second fluidised catalytic cracking (FCC) unit that will enable the full conversion of residual products into higher-value gasoline, LPG, diesel and propylene. [ID:nSP464594]

The company last year began operating its first FCC which converts 75 percent of every barrel of crude oil into "white" products.

Petron has a capacity of 180,000 barrels per day and supplies nearly 40 percent of the Southeast Asian country's fuel.