PNOC-EC eyes offering of shares in 4th quarter:
MANILA, Philippines—PNOC Exploration Corp., the upstream oil and coal arm of state-run Philippine National Oil Co., is targeting to offer 218 million primary shares within the fourth quarter this year to comply with the mandatory 10-percent minimum public float.
In a briefing following the company’s stockholders’ meeting on Monday, PNOC-EC chief of staff Silvestre Punsalan III said 90 percent of the 218 million shares would be offered to institutional investors while the remaining 10 percent would be offered to retail investors.
It has also been agreed that PNOC-EC’s financial adviser, Union Bank of Switzerland AG (UBS), will take up any shares that will not be sold in the ...
Keep on reading: PNOC-EC eyes offering of shares in 4th quarter
In a briefing following the company’s stockholders’ meeting on Monday, PNOC-EC chief of staff Silvestre Punsalan III said 90 percent of the 218 million shares would be offered to institutional investors while the remaining 10 percent would be offered to retail investors.
It has also been agreed that PNOC-EC’s financial adviser, Union Bank of Switzerland AG (UBS), will take up any shares that will not be sold in the ...
Keep on reading: PNOC-EC eyes offering of shares in 4th quarter
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