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PNOC-EDC sells shares to buy Napocor assets.
(From Philippine Daily Inquirer)
Byline: Abigail L. Ho
THE PHILIPPINE National Oil Company Energy Development Corp. (PNOC-EDC) will be floating 6 billion shares for private placement to help it raise enough cash to bid for the National Power Corp.'s geothermal assets to be placed on the auction block in August next year.
PNOC-EDC president Paul Aquino explained that the government-owned firm would follow the privatization model of Petron Corp., where the government retained a 40-percent stake in the oil firm, while giving up 40 percent to Saudi Aramco and 20 percent to the public.
The government, through PNOC-EDC parent firm PNOC, held 10 …
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