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SHARES
of Philippine National Oil Co.-Energy Development Corp.
(PNOC-EDC) resumed trading yesterday at the Philippine
Stock Exchange after a one-day voluntary trading halt.
The
resumption came after an international road show by PNOC
and PNOC-EDC for 3 billion PNOC-EDC shares offered by
parent PNOC.
After
the completion of the book-building exercise by
underwriter CLSA Ltd., the price was fixed at P5.70 per
share.
“This
agreed share price is a zero percent discount to the
closing price of the PNOC-EDC shares in the PSE on July
6, the last trading day of the shares before pricing of
the offer shares,” PNOC-EDC said in a disclosure to the
bourse.
The
Philippine government would gain gross proceeds of P17.1
billion from the shares sale. The transaction was
crossed through the PSE and would be formally realized
after the bourse approves the transaction. A cross sale
meant that the transaction was coursed through a single
broker acting as buyer and seller.
Upon
completion of the deal, PNOC’s total outstanding share
ownership in the geothermal unit will go down from 60
percent to 47 percent.
PNOC and
PNOC-EDC officials went last week to Hong Kong,
Singapore, the United States and the United Kingdom for
the international road show.
“The
market has been very receptive to the second offering
and should be as successful as the first, attracting
major foreign institutional investors,” said PNOC-EDC
chairman Antonio Cailao in a statement.
PNOC
remains the largest shareholder in PNOC-EDC but is bent
on further reducing its stake to accommodate a higher
public float.
At the
end of the first quarter, PNOC-EDC’s net profit amounted
to P1.5 billion, 33 percent lower year-on-year due to
smaller foreign exchange gains and lower sales.
The
geothermal power producer booked foreign exchange gains
of P290.1 million, down 77 percent from P1.24 billion a
year earlier. Sales, on the other hand, fell four
percent to P5.09 billion on lower electricity prices and
volume. |
