Mirant urged to list in PSE this yearMirant urged to list in PSE this year

Philippine Stock Exchange (PSE) president Ernest Leung is encouraging Mirant Philippines Inc., the country’s largest private power producer, to list in the local stock market within the year, Energy Secretary Vincent S. Perez Jr. said.

Perez said Leung had a meeting with Mirant president Edgardo Bautista to study the prospect of offering the share of the power generation firm to the public anytime this year.

"Leung encourages Mirant to go public this year. Both parties have approached me about this plan," he said.

But Perez said Leung had requested Mirant if they could start formal talks on the planned initial public offering (IPO) after the election of the PSE board.

If it pushes through, Mirant’s IPO will be considered one of the big ticket items to be offered to the public this year.

Perez said the idea of encouraging Mirant to undertake an IPO cropped up during the visit of President Arroyo in New York, where she met Mirant Corp. chief executive officer Marce Fuller.

"In New York City, I had a discussion with Mirant Corp. CEO Marce Fuller and, in front of President Gloria Macapagal-Arroyo, Fuller committed that the Philippine subsidiary Mirant Philippines Inc. will plan to do an IPO at the PSE sometime this year," Perez said.

Perez said they have been contemplating the possibility of asking Mirant Philippines to undertake an IPO after the company posted a hefty earnings in 2000 and became the most profitable local company in the country for that year.

"If you recall, Mirant Philippines reported a net income of P8.5 billion in 2000 according to the SEC (Securities and Exchange Commission), they are the highest net income earner of all corporations in the Philippines. So I would imagine that they would be an ideal candidate for this thing this year and it might be one of the largest IPOs on the local stock exchange for 2002," he said.

Perez said it is likely that Mirant Philippines will offer from 10 to 20 percent of its capital stock to the public. He said the IPO of Mirant Philippines will boost the country’s capital market.

Mirant Philippines, formerly Southern Energy Philippines Inc., owns a combined 2,500 MW of installed capacity of power. It owns and operates the 1,218 MW Sual Power Station in Pangasinan, the 735-MW Pagbilao Power Station in Quezon, the 210-MW Navotas I and 100 MW Navotas II power stations in Metro Manila and the 15-MW SDC Power Station in San Ildefonso, Bulacan.

It also has a stake in the soon-to-be-operational 1,200-MW natural gas-fired Ilijan power station. By Donnabelle L. Gatdula Philippine Stock Exchange (PSE) president Ernest Leung is encouraging Mirant Philippines Inc., the country’s largest private power producer, to list in the local stock market within the year, Energy Secretary Vincent S. Perez Jr. said.

Perez said Leung had a meeting with Mirant president Edgardo Bautista to study the prospect of offering the share of the power generation firm to the public anytime this year.

"Leung encourages Mirant to go public this year. Both parties have approached me about this plan," he said.

But Perez said Leung had requested Mirant if they could start formal talks on the planned initial public offering (IPO) after the election of the PSE board.

If it pushes through, Mirant’s IPO will be considered one of the big ticket items to be offered to the public this year.

Perez said the idea of encouraging Mirant to undertake an IPO cropped up during the visit of President Arroyo in New York, where she met Mirant Corp. chief executive officer Marce Fuller.

"In New York City, I had a discussion with Mirant Corp. CEO Marce Fuller and, in front of President Gloria Macapagal-Arroyo, Fuller committed that the Philippine subsidiary Mirant Philippines Inc. will plan to do an IPO at the PSE sometime this year," Perez said.

Perez said they have been contemplating the possibility of asking Mirant Philippines to undertake an IPO after the company posted a hefty earnings in 2000 and became the most profitable local company in the country for that year.

"If you recall, Mirant Philippines reported a net income of P8.5 billion in 2000 according to the SEC (Securities and Exchange Commission), they are the highest net income earner of all corporations in the Philippines. So I would imagine that they would be an ideal candidate for this thing this year and it might be one of the largest IPOs on the local stock exchange for 2002," he said.

Perez said it is likely that Mirant Philippines will offer from 10 to 20 percent of its capital stock to the public. He said the IPO of Mirant Philippines will boost the country’s capital market.

Mirant Philippines, formerly Southern Energy Philippines Inc., owns a combined 2,500 MW of installed capacity of power. It owns and operates the 1,218 MW Sual Power Station in Pangasinan, the 735-MW Pagbilao Power Station in Quezon, the 210-MW Navotas I and 100 MW Navotas II power stations in Metro Manila and the 15-MW SDC Power Station in San Ildefonso, Bulacan.

It also has a stake in the soon-to-be-operational 1,200-MW natural gas-fired Ilijan power station.