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Friday, August 08, 2008
Shell to submit IPO plans (10:59 a.m.)
THE Department of Energy on Thursday ordered the oil giant Pilipinas Shell Petroleum Corporation (PSPC) to submit its plans for the initial public offering (IPO) which is mandated under the Downstream Oil Industry Deregulation Act of 1998.
In a letter sent to Edgar Chua, Shell's country manager, Energy Secretary Angelo Reyes asserted that it's been too long since the Oil Deregulation law was passed and under this law oil refiners are required to list at least 10 percent of their stocks with the Philippine Stock Exchange.
"Section 22 of the said Act stipulates that any person or entity engaged in the oil refinery business shall make a public offering through the stock exchange of at least 10 percent of its common stock within a period of three years from its effectivity," Reyes said.
Furthermore, Reyes pointed out that "the 10-year period since the passage of the law is too long a time for PSPC in implementing the public offering of 10 percent of its common stocks." (MSN/Sunnex) |
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