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By Likha C. Cuevas-Miel, Reporter
After asking that its initial public offering
timetable be extended, Petrolift Inc. told the Philippine Stock
Exchange it could not meet the February 15 deadline and would wait
for a better time to enter the market.
Last month, the tankering and logistics firm
requested the PSE to extend its January 14 deadline for the revised
offering timetable to February 15 to give it time to evaluate the
market situation and determine the best time to conduct its
fund-raising activity.
“In view of the continuing market volatility,
BDO Capital and Investment Corp., the lead underwriter, and the
management of Petrolift Inc. deemed it in the best interest of the
company and its shareholders to defer the initial public offering of
its common shares until such time that the market conditions become
more favorable,” the company disclosed to the local bourse.
Lawrence N. Leonio, Petrolift chief executive,
said that despite the setback in its maiden share offering, the
company will continue to acquire double-hull tankers, retrofit their
single-hulled ships to double hull and mobilize their mining
logistics operations. He said the company is confident of meeting
its growth target and has borrowed P1.8 billion from Security Bank
Corp. to fund its expansion plans.
Petrolift had planned to conduct its maiden
share offering on December 3 last year but deferred it due to
“political uncertainty” posed by the mutiny led by Sen. Antonio
Trillanes 4th and Army Brig. Gen. Danilo Lim wherein they took over
the Manila Peninsula Hotel for several hours and called for the
ouster of President Gloria Arroyo.
The firm plans to sell for the first time up to
713 million shares priced between P 4.90 and P 7.65 through primary
and secondary offering to the public with an over-allotment of 97.8
million common shares. Gross proceeds are estimated to be between
P2.2 billion and P4.5 billion.
Two weeks ago, Viva Communications Inc. said it
would postpone its plan for an IPO and cited the same reasons as
Petrolift’s. The entertainment outfit also engaged BDO to be its
lead underwriter and has conducted roadshows in Davao, Cebu, Bacolod
and Batangas before finally deciding to shelve the plan for the
meantime.
Viva Communications has adjusted the lower end
of its price range from P9.72 each share to P8.10 while the higher
end remained the same to give it elbow room in an extremely volatile
market.
Viva was also targeting the retail market
instead of the institutional investors who are expected to support
the maiden share offering in an uncertain market. It was supposed to
hold its investors briefing Friday and list in the local bourse on
March 5 after shoring up an expected P752 million to P1.2 billion in
gross proceeds by selling 142.8 million common shares.
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