PNOC Exploration Corp., the upstream oil and coal arm of state-run Philippine National Oil Co., is looking to voluntarily delist from the Philippine Stock Exchange following its failure to conduct a follow-on offering.
The follow-on offering would have allowed PNOC-EC to comply with the 10-percent public float requirement in time for the June 2013 deadline set by the PSE.
“[PNOC-EC is] working on voluntary delisting. The Department of Finance, the Department of Energy and PNOC are on the same level of thinking when we say that PNOC-EC is really a government-owned corporation. At this point, the only time you want to actually list beyond the 10 percent [mandate] is if you need more funds and at this time, they are performing very well,” Energy Secretary Carlos Jericho L. Petilla said.
“PNOC-EC is among the government-owned and -controlled corporations (GOCCs) remitting huge dividends to the government. So it’s been agreed already that [PNOC-EC] will be delisted,” Petilla further explained.
In April, Petilla said that PNOC-EC was still moving to conduct the follow-on offering to comply with the listing requirement. Based on the previous plan, PNOC-EC was to proceed with the offering even after the June 2013 deadline set by the PSE and then ask to be listed again, Petilla said earlier.
PNOC-EC has to offer to the public 217.8 million primary shares. Amy R. Remo