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Press Release: November 28, 2007

PSE approves Petrolift Inc. IPO
 

The Philippine Stock Exchange (PSE) on Wednesday approved the proposed initial public offering of Petrolift Inc., the country’s leading oil and gas tankering and bulk logistics provider.

Petrolift Inc. is expected to raise approximately P 3.5 billion from the sale of a maximum of 712 million shares at a price range of P 4.90 to P 7.65 through a primary and secondary offer. In the prospectus, the offer period is estimated to start on December 10 and end on December 14 while the listing date is tentatively set on December 19.

Funds raised from the Primary Offer will be spent on the acquisition of double hull tanker vessels, upgrading of existing tankers from single hull to double hull and acquisition of dry-bulk carriers, transportation equipment as support to mining logistics. 

The IPO is scheduled for December 19, 2007.

Petrolift Inc. has tapped BDO Capital and Investment Corp. as lead underwriters for the planned IPO.

“Currently, we have the largest number of double hull compliant tankers in the country today.  The IPO would give us more flexibility to upgrade our existing fleet as well as enter into other profitable and viable markets,”said Clarissa Leonio-Asuncion, Petrolift Inc., chief financial officer.

Petrolift Inc., has remarkably grown 15 fold since 1992, from one tanker-barge with a two million liter capacity to a fleet of 10 ships.The Group’s current asset base is approximately P4.7 billion from a mere P70 million in 1992.  Likewise, gross revenues have grown at a compounded annual growth rate (“CAGR”) of 27% from start of operations to end-2006.

 

Reference:
Ria Yujuico
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+63.2.8113051

 
   
 
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