After long wait, Shell vows to list in stock exchange after 2016 polls

Pilipinas Shell Petroleum Corp. will likely hold its long-delayed initial public offering (IPO) after the national elections next year, Shell Companies in the Philippines country chairman Edgar Chua said.

”We’re preparing for an IPO and the timing could be sometime by middle of next year.It depends whether itneill be before or after the elections. Most likely it would be after the elections,” Chua told reporters in an interview.

However, Chua stressed the schedule for the public listing will still depend on the political environment and the stock market environment.He said the period will make investors wait, for the elected leaders and their platforms, before continuing their plans.

”It’s hard to say (for certain), because if the stock market falls then the company will suffer a loss—you cannot go with an IPO,” Chua added.

The chairman also said the stock market was in a better condition last year than this year.

He explained Shell incurred a huge loss last year due to its inventory losses, which made the listing untimely for last year, despite the better market conditions.

On the other hand, Chua noted Shell could still offer more than 10 percent of its common stock, which is the required minimum.

”The law requires a minimum of 10 (percent), but we will see if 10 (percent) is good or we should do more. It’s not final yet,” the chairman said.