Sell-down of PNOC-EDC prices at zero discount

The focus now turns to what will happen to the Philippine government's remaining 40% stake in the geothermal power producer.

The Philippine governmentÆs sell-down of a 20% stake in PNOC Energy Development Company has added Ps17.1 billion $371 million to its coffers after strong demand allowed the deal to be priced at a zero discount to the latest market price.

The offering, which reduced the governmentÆs stake in the countryÆs largest producer of geothermal energy to 40%, also closed a full day earlier than planned as the book was already six times covered.

The enthusiasm continued when the shares started...

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