Shell eyes Nov 3 listing

MANILA, Philippines – Pilipinas Shell Petroleum Corp. is targeting to make its debut at the Philippine Stock Exchange (PSE) on Nov. 3, one week ahead of the original plan.

Based on latest documents submitted to the Securities and Exchange Commission (SEC), the offer period will run from Oct. 19 to 25 while the pricing of the shares is scheduled on Oct. 13.

However, the final timetable will still be subject to the approval of the Philippine Stock Exchange, Shell said.

The oil giant has already obtained the SEC’s green light to proceed with its P29.7 billion initial public offering.

The SEC also approved Shell’s request to allow local small investors to purchase beyond the maximum P20,000 worth of shares.

 Shell said bulk of the proceeds would be used to expand its retail network and upgrade its refinery in Batangas.  It aims to grow its network to 1,220 by 2020.

At present, Shell has a widespread network of 966 retail service stations, of which 583 are in Luzon, 160 in the Visayas and 223 in Mindanao.

“Given its existing market leading position, the company is well-positioned to selectively pursue growth opportunities presented by a Philippine market that features favorable demographics and consumption patterns,” Shell said.

The company will offer 330 million shares including an overallotment of up to 30 million for a maximum P90 per share.

Shell expects the commercial business to grow sales by 10 percent annually by 2018.