More than 10 firms to join bid for financial adviser of PNOC-EDC
Manila Times, Wednesday, January 12, 2005
STATE-RUN Philippine National Oil. Co.-Energy Development Corp. (PNOC-EDC) said it expects to complete the bidding process and have a financial adviser before end-February.
In a briefing, Paul A. Aquino, PNOC-EDC president and chief executive, said the deadline for the submission of letters of intent and eligibility by financial institutions is on Friday.
The PNOC-EDC executive said more than 10 financial institutions have signified interest to participate in the bidding for PNOC-EDC’s financial advisor/global coordinator.
Aquino said that ABN Amro, ING Barrings, CLSA, Development Bank of the Philippines and Morgan Stanley, among others, have already expressed interest in the bidding.
He said the privatization committee will come up with a shortlist by Monday.
On Tuesday the bid and awards committee as well as the PNOC-EDC board will approve the list, with final approval by the board on Wednesday.
Aquino said the pre-bid conference is schedule on January 24, while the presentation of proposals is set on February 15.
Last month Aquino said the winning bidder will help PNOC-EDC determine its initial market price, as it plans to bid out nine billion shares by the second quarter.
Based on the internal studies using PNOC-EDC’s net present value of its present contract, its initial market price is seen at P3.50 a share for a 19-percent discount, or P6.60 a share for 11-percent discount.
Aquino said PNOC has 10 billion shares in PNOC-EDC.
Of some nine billion shares, PNOC-EDC targets to sell six billion through private placement and the balance bid out through an initial public offering.
--Paul Anthony A. Isla
STATE-RUN Philippine National Oil. Co.-Energy Development Corp. (PNOC-EDC) said it expects to complete the bidding process and have a financial adviser before end-February.
In a briefing, Paul A. Aquino, PNOC-EDC president and chief executive, said the deadline for the submission of letters of intent and eligibility by financial institutions is on Friday.
The PNOC-EDC executive said more than 10 financial institutions have signified interest to participate in the bidding for PNOC-EDC’s financial advisor/global coordinator.
Aquino said that ABN Amro, ING Barrings, CLSA, Development Bank of the Philippines and Morgan Stanley, among others, have already expressed interest in the bidding.
He said the privatization committee will come up with a shortlist by Monday.
On Tuesday the bid and awards committee as well as the PNOC-EDC board will approve the list, with final approval by the board on Wednesday.
Aquino said the pre-bid conference is schedule on January 24, while the presentation of proposals is set on February 15.
Last month Aquino said the winning bidder will help PNOC-EDC determine its initial market price, as it plans to bid out nine billion shares by the second quarter.
Based on the internal studies using PNOC-EDC’s net present value of its present contract, its initial market price is seen at P3.50 a share for a 19-percent discount, or P6.60 a share for 11-percent discount.
Aquino said PNOC has 10 billion shares in PNOC-EDC.
Of some nine billion shares, PNOC-EDC targets to sell six billion through private placement and the balance bid out through an initial public offering.
--Paul Anthony A. Isla
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