Philippine government to sell 20% of PNOC-EDC

The share placement comes seven months after the IPO and serves as a precursor to an intended total divestment later in the year.

PNOC Energy Development Co is back on the road to help the government sell another 20% of its listed share capital to institutional investors following the initial public offering in December last year. Based on the current share price, the deal could raise about $360 million, which will be a welcome addition as the government is trying to cover shortfalls in its tax collection.

The offering has drawn a lot of attention after Financial Secretary Margarito Teves announced last week...

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