By Rhea Sandique-Carlos

MANILA--Philippine oil refiner Petron Corp. (PCOR.PH) said Wednesday that its employees' retirement fund sold 195 million common shares in the company to Credit Suisse (Singapore) Limited.

The shares represent a 2% stake in Petron, the oil refiner said in a filing to the stock exchange.

Petron didn't disclose financial details but based on the company's share price of PHP10.48 at the midday break Wednesday, the shares acquired by Credit Suisse had a market value of about PHP2.04 billion ($50 million).

Write to Rhea Sandique-Carlos at rhea.sandique-carlos@dowjones.com

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