Petrolift defers IPO due to market volatility

Oil and gas tankering provider, Petrolift Inc. has decided to defer its initial public offering in view of continuing market volatility. In a letter to the Philippine Stock Exchange, Petrolift, said the decision was made upon the advice of its lead underwriter, BDO Capital & Investment Corp. “It is in the best interest of the company and its shareholders to wait until such time that market conditions are more favorable before proceeding with the offering of its common shares," said BDO Capital president Eduardo V. Francisco. “While Petrolift’s IPO remains much-anticipated, analysts and prospective investors have intimated that it would be more prudent for the company to wait for more favorable market conditions to ensure success," Francisco added. However, Petrolift chief executive officer Lawrence N. Leonio assured that the company will continue its expansion and acquire double-hull tankers, retrofit their single hulled ships to double hull, as well as, mobilize their mining logistics operations. “The decision to defer the offering will not affect our expansion plans and we are confident of meeting our growth target," Leonio said. - GMANews.TV