Philippine’s “Daily Inquirer” reports that Africa-Israel Investments Ltd. (TASE:AFIL; Pink Sheets:AFIVY.PK), chaired by Lev Leviev, is one of the 16 remaining bidders in a tender to acquire the government’s 60% stake in PNOC Energy Development Corp. (Manila:EDC). PNOC Energy Development is a geothermal energy company and has a market cap of $2.4 billion.
The “Daily Inquirer” said that 16 of 24 companies that had submitted letters of interest in PNOC met the October 5 deadline for the submission of the initial pre-qualification requirements and passed the first screening process. The deadline for submitting final bids is October 25, and the winner is due to be notified on November 22.
The “Daily Inquirer” says that other bidders for PNOC include Alsons Consolidated Resources Inc. (Manila:ACR), Aboitiz Power Corp. (Manila:AP) and Filinvest Development Corp. (Manila:FDC), which submitted a letter of interest through ABN Amro Bank.
PNOC Energy Development, a subsidiary of the government company Philippine National Oil Company (PNOC), held its IPO on the Manila Stock Exchange in December 2006. The company posted an operating profit of $220 million and a net profit of $154 million on about $500 million revenue in 2006.
Published by Globes [online], Israel business news - www.globes.co.il - on October 14, 2007
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