Philippines Petron Auction
Published July 7th, 2008
The Philippines government is moving ahead with it’s plan to auction it’s 40% stake in Petron Corp. Approval for the sale should be secured in the next two weeks, a Cabinet official said.
Government, Finance Secretary Margarito B. Teves told reporters last week, also wants to earn more than the approximately P23 billion a similar-sized stake went for earlier this year and the P24.65 billion offered by the Gokongwei family.
Privatizing Petron is a priority for the government, Mr. Teves said.
Last month, he said a November sale could be staged if the necessary approvals are secured from President Gloria Macapagal-Arroyo and the PNOC board.
The sale of shares could come anywhere in November,” he said.
