19 June 2014, News Wires – Anglo-Dutch player Shell has decided to raise funds through an initial public offering of its Philippine outfit on Manila’s exchange.
According to Reuters, the company is listing Pilipinas Shell Petroleum to pay for the upgrade of its refinery in the Batangas province in the country.
Shell announced on Wednesday that it was planning to spin-off its midstream assets in the US through an IPO.
Shell Midstream Partners plans to raise up to $750 million in an initial public offering of common units, according to a securities filing on Wednesday.
The company will trade on the New York Stock Exchange under the ticker SHLX.
The subsidiary will own interest in two crude oil pipeline systems, the Ho-Ho line and the Mars line, along the Texas and Louisiana Gulf Coast and offshore Louisiana.
It will also own a pair of refined products systems owned by Bengal and Colonial, respectively.
Barclays and Citigroup are underwriting the IPO.