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.

  • Share/Bookmark
Related Articles

South Korean eBay firm sets up new Philippines auction site

Philippines TransCo auction fails

Philippines Gold and Copper Mine Auction

WWA Group to Manage Auction in the Philippines

Philippines to auction two more power plants


Get Adobe Flash playerPlugin by wpburn.com wordpress themes