MANILA - Philippine energy firm PNOC Exploration Corp. said on Tuesday its board has decided to defer its additional public offering pending a review of the plan by state authorities.
Philippine National Oil Co., the parent of PNOC Exploration, and the Energy and Finance departments need to review the share sale plan. On May 9, PNOC Exploration said it had shortlisted three groups for the role of financial advisor, underwriter and global coordinator for its planned share offer. The three were UBS Investments Philippines Inc., Deutsche Bank, and a group of Citigroup Global Markets, Citicorp Capital Philippines Inc, and ATR Kim Capital Partners Inc.
PNOC Exploration had planned to sell shares to comply with the minimum 10 percent public ownership requirement set by the Philippine Stock Exchange. It did not disclose the possible size of the share issue.
