By MYRNA M. VELASCO
Manila Bulletin
MANILA, Philippines — State-run Philippine National Oil Company-Exploration Corporation (PNOC-EC) has indicated that it is already finalizing its appointment of a financial advisor that will undertake valuation of its shares to be listed at the Philippine Stock Exchange.
“PNOC-EC is in the final stage of identifying its financial advisor. It will take four months to go thru the valuation and book building process,†company compliance officer Silvestre R. Punsalan III has noted.
The firm has not specified though if it will conduct new bidding for its financial advisor or if it will just choose from the roster of its previously-shortlisted banks.
“The actual timing and actual selling of the PNOC EC shares will be determined by the Department of Finance,†the PNOC-EC official has reiterated.
Punsalan similarly sounded off the national government’s position that the follow-on listing of the PNOC-EC shares “will only push thru if the valuation of the shares will be advantageous to the government.â€
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