selldown-of-pnocedc-prices-at-zero-discount

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 trading yesterday after being suspended on the final day of bookbuilding, with the share price rallying 12.3% to Ps6.40. The gain suggests that sole bookrunner CLSA had got the balance right in terms of allocating...
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