In 2008, Saudi Aramco sold its entire stake to the Ashmore Group, a London-listed investment group. Ashmore acquired an additional 11% when it made a required tender offer to other shareholders. By July 2008, Ashmore, through its SEA Refinery Holdings B.V., had a 50.57 percent of Petron's stock. Ashmore's payment was made on December 2008. In December 2008, Ashmore acquired PNOC's 40% stake. In the same month, San Miguel Corporation (SMC) said it was in the final stages of negotiations with the Ashmore Group to buy up to 50.1 percent of Petron. In 2010, SMC acquired majority control of Petron Corporation.