philippine-government-to-sell-20-of-pnocedc

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 that the Philippine government also intends to sell the remaining 40% of the company that it will hold after this transaction before the end of this year, resulting in a complete selldown from 100% to...
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