PNOC unit’s IPO to fetch P19.2B
The Philippine Star 10/31/2006
The sale of the shares of Philippine National Oil Co.-Energy Development Corp. (PNOC-EDC) next week is expected to generate up to P19.2 billion in proceeds for the government.
According to documents obtained by The STAR, the initial public offering (IPO) of PNOC-EDC, the country’s biggest geothermal power producer, will fetch between P8.9 billion to P19.2 billion.
The offer price for the 30 percent to 40 percent block of common shares has been set at a range of from P2.10 to P3.20 per share.
PNOC-EDC said the money will be used to finance the development of new steam fields, the acquisition of a new drilling rig and to meet working capital requirements.
The IPO consists of a domestic offer and an international offer. The domestic offer shall consist of shares amounting to the lesser of 20 percent of the combined offer and will have an offer value of P2 billion. The international offer meanwhile, will consist of the balance.
After the international and domestic offers, including the over-allotment option, PNOC-EDC will have a total of 14.118 billion to 15 billion common shares issued and outstanding.
The IPO has an over-allotment option which is an option for the international underwriter to buy up to 15 percent of the offer shares exercisable in full or in part within 30 days from listing date to effect price stabilization.
The sale of the shares of Philippine National Oil Co.-Energy Development Corp. (PNOC-EDC) next week is expected to generate up to P19.2 billion in proceeds for the government.
According to documents obtained by The STAR, the initial public offering (IPO) of PNOC-EDC, the country’s biggest geothermal power producer, will fetch between P8.9 billion to P19.2 billion.
The offer price for the 30 percent to 40 percent block of common shares has been set at a range of from P2.10 to P3.20 per share.
PNOC-EDC said the money will be used to finance the development of new steam fields, the acquisition of a new drilling rig and to meet working capital requirements.
The IPO consists of a domestic offer and an international offer. The domestic offer shall consist of shares amounting to the lesser of 20 percent of the combined offer and will have an offer value of P2 billion. The international offer meanwhile, will consist of the balance.
After the international and domestic offers, including the over-allotment option, PNOC-EDC will have a total of 14.118 billion to 15 billion common shares issued and outstanding.
The IPO has an over-allotment option which is an option for the international underwriter to buy up to 15 percent of the offer shares exercisable in full or in part within 30 days from listing date to effect price stabilization.
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