The Securities and Exchange Commission is crafting a registration template for power firms and distributors looking to offer at least 15 percent of their ownership structure to the public.
SEC Director Vicente Graciano P. Felizmenio Jr. said the agency supports the Energy Regulation Commission directive for the energy firms to offer 15 percent to the public through an initial public offering.
“We are trying to provide a friendly environment for power generators and power distributors to actually meet the requirement for the dispersion of ownership,” Felizmenio said.
Some 150 energy firms have registered with the agency, the SEC said.
According to Felizmenio, the agency is replicating what they did for the hospitals for whom they created a template allowing them to raise cash through an IPO but without listing the shares at the Philippine Stock Exchange. Sixteen hospitals raised as much as P1 billion in new capital with that template, he said.
Also, the draft rules may be out this year and may even be implemented next year after public consultations.
The SEC recently has launched a Farms program aimed at securing and boosting capital for farms and agribusiness-related modernization schemes.
It hopes to streamline the requirements and procedure for agri-based companies registering securities for the purpose of raising capital.
Applications can be approved within 28 days from filing, subject to SEC guidelines.
This is part of the goal for a minimum of 888 companies accessing the capital market in time for the agency’s 88th anniversary next year.
A total of 627 companies or 70 percent of the target have already listed and accessed the capital market as of May this year.
This consists of companies listed on the PSE, non-listed PSE companies but are registered on the Philippine Dealing and Exchange Corp, companies registered through direct public offering, and companies with pending IPO and direct public offering applications.
The SEC is optimistic the balance of 261 companies seen accessing the capital market by next year is achieved, Felizmenio said.
