Seaoil Philippines eyes future expansion

Seaoil Philippines, Inc., the largest independent oil company in the Philippines, is looking at listing by way of introduction late this year, veering away from plans to conduct an initial public offering. Listing by way of introduction allows a widely held company to become part of the local bourse without selling shares to the public for one year. The independent oil refiner has also allotted Php400 million (US$8.70 million) for capital spending this year to achieve Php10 billion (US$217.49 million) in revenues. In 2008, Seaoil shelved its plan of offering shares to the public given the unfavorable market conditions. Francis Yu, president and chief executive, said listing by way of introduction would improve the “corporate governance” of Seaoil before securing funds from the public. (March 29, 2010)