philippine-government-to-sell-40-of-geothermal-energy-unit

Philippine government to sell 40% of geothermal energy unit

In a deal that could raise up to $380 million, the Philippine government launches its first privatisation in 12 years.

PNOC Energy Development will kick off the roadshow for the international portion of its up to $380 million initial public offering today, in what will be the first privatisation in the Philippines in 12 years.

The government is looking to sell up to 40% of PNOC-EDC, a wholly-owned subsidiary of Philippine National Oil Company that produces approximately 60% of all geothermal energy in the country. The sale is part of ongoing government reforms within the power industry which ultimately aims at full privatisation.

It comes at a time of an improving economy and strong gains in the broader equity market, which has prompted international...

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