Misschien krijg ik toch ongelijk. Maar even wachten met die peso's dan;-)
Note 27 - Deregulation Law
On 10 February 1998, RA No. 8479, otherwise known as the Downstream Oil Industry Deregulation Act of
1998 (the “Act”) was signed into law. The law provides, among others, for oil refiners to list and offer at
least 10% of their shares to the public within three years from the effectivity of the said law. No single
person or entity shall be allowed to own more than five percent (5%) of the stock offering: Provided,
further, That any crude oil refining company and any stockholder thereof shall not acquire, directly or
indirectly, any share of stock offered by any other crude oil refining company pursuant to his Section:
Provided, finally, That any such company which made the requisite public offering before the effectivity of
this Act shall be exempted from the requirement.
In a letter to the Department of Energy (DOE) dated 12 February 2001, the Department of Justice (DOJ)
rendered an opinion that the 3 year period in Section 22 of RA 8479 for oil refineries to make a public
offering is only directory and not mandatory. As to when it should be accomplished is subject of
reasonable regulation by the DOE.
Currently, a refiner may conduct a public offering by itself taking into account “the prevailing business,
economic, equity capital market, social or political circumstances and/or other conditions” or by the
Secretary of Energy upon a determination that the socio-economic, political, financial, and technical data
and information warrant the conduct of an Initial Public Offering (IPO), as guided by the assessment and
determination of an independent financial adviser mutually acceptable to the DOE and the offeror.
The shareholders in the annual general meeting held on 18 July 2016 approved the proposal for the
Company to conduct an initial public offering.