PNOC president Thelmo Cunanan said these firms will sign confidentiality agreements anytime soon with EC.
Cunanan said the signing of the agreement signifies the keen interest of these Asian firms to join in the privatization efforts of EC’s shares.
Last month, PNOC concluded a series of roadshow presentation in Thailand, Indonesia, Japan and Korea.
According to Cunanan, Indonesian and Thailand state firms Pertamina and Thai National Oil, respectively, were among those that have expressed interest during the roadshow.
"There are more than four. All of those who have expressed interest during the roadshow will be signing a confidentiality agreement with us because PNOC will be handing out the details of the privatization. After which we expect due diligence process to take place which may happen later this month," Cunanan said.
The PNOC chief, however, did not identify the local firms that have also signified interest to join in the proposed strategic sale.
Cunanan said their financial advisor, Hong Kong-based CLSA, an arm of well-renowned investment bank Credit Lyonnais, has yet to come up with a recommendation whether the privatization will come in the form of an initial public offering (IPO) or a strategic sale.
"We are still waiting for the guidelines from the Department of Finance. We think that a sale is better but we can not really say what best direction to take at the moment since we are still gathering all information that will be helpful for us. However, we are already exploring a strategic sale since there are many interested firms now," Cunanan added.
The sale of 49 percent of EC’s 10-percent stake in the Malampaya project is valued at about $300 million. The remaining 51 percent will still be owned by EC.
EC has created a new subsidiary, PNOC Malampaya Production Corp. (PNOC-MPC), that will absorb its 10-percent share in the $4.5-billion Malampaya project and some $175-million worth of loans. Based on the initial plan, PNOC-MPC will be the one to undertake the privatization exercise since a small portion of EC’s shares is already listed in the stock market in the early 70s but is not actively traded.