After getting SEC approval, Pilipinas Shell rushes IPO
After securing the approval of the Securities and Exchange Commission (SEC),
Pilipinas Shell Petroleum Corp., a unit of Royal Dutch Shell Plc., decided
to move its initial public offering (IPO) at the Philippine Stock Exchange
(PSE) at an earlier date.
From November 10, Pilipinas Shell now wants to list its shares at the stock
exchange on November 3, while it moved the offer period to October 19 to 25
from October 26 to November 3.
Considered as one of the largest maiden share offerings in the country,
Pilipinas Shell intends to sell up to 300 million primary and secondary
shares with an over allotment option of up to 30 million shares at an offer
price of up to P90 per share.
Of the 300 million firm offer shares, 270 million are secondary shares to be
sold by selling shareholders Shell Overseas Investments B.V., The Insular
Life Assurance Co., Ltd., and Spathodea Campanulata Inc.. Only 30 million
are primary shares.
This means that bulk or P26.48 billion of the proceeds from the share sale
will directly go to these selling shareholders.
Meanwhile, Pilipinas Shell told the Commission that the remaining P2.7
billion the company will get from the issuance will be used to fund its
capital expenditures, working capital, and general corporate expenses.
To be listed on the main board of the PSE, the shares that will be sold
publicly will represent 18.6 percent of the company's outstanding capital
stock.
Pilipinas Shell has long been non-compliant of the country's Oil Dregulation
Law, which requires local oil companies to have at least 10 percent of its
shares sold to the public.
J.P. Morgan was hired by the firm as its global and international book
runner for the deal, while it tapped BPI Capital Corp. as the domestic lead
underwriter and domestic book runner.
--- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Ref:
http://www.mb.com.ph/after-getting-sec-approval-pilipinas-shell-rushes-ipo/
--- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
John Diecker
APT Consulting Group Co., Ltd.
www.aptthailand.com
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.