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OIL and
gas tankering firm Petrolift Inc. targets to generate
nearly P4 billion in proceeds from the sale of new
shares via a public offering in the first quarter of
2008.
In a
filing with the Securities and Exchange Commission
(SEC), Petrolift said it plans to sell between 326.255
million to 509.561 million new shares at an offer price
range of P4.90 to P7.65 per share.
President Lawrence Leonio said the SEC approval will
pave the way for Petrolift’s plans to raise more funds
for expansion.
The
company will use proceeds from the sale to acquire
tanker vessels from Japan, China, Korea, Norway,
Singapore and Hong Kong; upgrade the existing fleet of
tankers to double-hull; and purchase dry-bulk carriers
and heavy equipment for mining logistics.
Shareholders of Petrolift will also offer secondary held
stocks numbering from 130.502 million to 203.824 million
at the same offer price range.
Petrolift has appointed BDO Capital and Investment Corp.
as issue manager and lead underwriter for the planned
IPO.
The
company and its subsidiaries are engaged in the business
of providing oil and gas tankering, allied marine
services, and logistics support for mining and other
related industries. It is considered an industry leader
in the Philippine oil and gas tankering industry having
pioneered in applying world-class standards to modernize
the domestic tankering fleet.
Last
month, the SEC approved the application of Petrolift to
increase its authorized capital stock to P2.1 billion
from P400 million.
The
P1.7-billion increase will be divided into 1.7 billion
shares at a par value of P1 each. |
