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The indicative price, equivalent to an 18 percent premium over Petron's closing price of 5.80 pesos a share on Monday, was conveyed to UK investment manager Ashmore Group, which has the right of first refusal over the shares.
Ashmore, which holds just over 50 percent of Petron, has 60 days to exercise its right to buy the government's stake.
Ashmore will have to take the time to evaluate its position on the price, Eric Recto, one of two Ashmore nominees to the Petron board, told Reuters. It's too early to make a statement.
Ashmore unit SEA Refinery Holdings BV bought its initial 40 percent stake in Petron from Saudi Aramco for $550 million, or 6.531 pesos per share, below the government's indicative price.
The bought an additional 10.57 percent in Petron at a tender in June at the same price. The government declined to sell its stake to Ashmore then, hoping to get a better price

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