The Board of Directors of the PNOC Exploration Corporation (PNOC-EC) has approved the start of preparations for the company's public offering of its shares of stock to comply with the regulations of the Philippine Stock Exchange (PSE).
The Process for the hiring of the company's financial advisor/lead underwriter is already in full swing and the invitations for interested and potential parties will be sent out in the next couple of days.
As a publicly listed company, PNOC-EC, a subsidiary of the government-owned Philippine National Oil Company, is required to have a public float of at least 10 percent of its shares of stock. At present, the government owns 99.71 percent of PNOC-EC shares, and the public owns 0.29 percent.
Gemiliano C. Lopez Jr., PNOC-EC chairman and chief executive officer, said it would take from six to eight months for the preparation of documents from the start up to the end of the float. He disclosed that leading international banks have manifested interest in managing the float in the world market.
"We hope to ensure the best price for the offering," said Lopez, "so the Board has not fixed the actual date for its float. Timing is important. We would like to assure everyone that the best conditions will be obtained for the offering so that our company will get the best and highest price possible in the global market."