Shell’s IPO plan still unsure

Pilipinas Shell Petroleum Corp. said that it has postponed plans to conduct an initial public offering (IPO) pending a review of the company’s refinery expansion program which is expected to be completed in the third quarter of 2009. The Philippine Oil Deregulation Law of 1998 requires companies engaged in the oil refinery business to make a public offering, through the stock exchange, of at least 10% of their common stock within a period of three years from its effectivity. (April 21, 2009)