STATE-RUN Philippine National Oil Co.- Exploration Corp. (PNOC-EC) aims to conduct a follow-on offering on the local bourse by the fourth quarter this year.
“Valuation of our assets will take until September and after that we will have to defer to the Finance department who, depending on market conditions, can clear our follow-on offer for actual execution maybe by October,” said PNOC-EC vice-President Silvestre R. Punsalan III in an interview after the firm’s annual stock holders’ meeting Monday.
The firm is set to list 218 million primary shares to comply with the 10 percent minimum public float requirement of the bourse. It currently has a 0.21 percent float.
It had tapped the Union Bank of Switzerland (UBS) AG as its financial advisor on May 7.