Mirant

[south louisiana]

Joe - also from Yahoo board:

Highly interesting excerpt from
article in yesterday's Manila Bulletin regarding proposed exceptions to capital requirement:

He said the PSE will have to amend its listing rules to provide an exception for large capital issues under its minimum public float rule if the bourse decides to accommodate Shell and Caltex.

The move will also benefit power firm Mirant Philippines which also wants to go public. Mirant has an authorized capital stock of P13 billion of which P12 billion is already paid up and outstanding.


The problem with Mirant lies with its parent company which has filed for bankruptcy in the United States. While Mirant Philippines is an entirely different firm, Leung said its parent's creditors will consider the local unit as an asset that could be used to pay the parent's debts.


But he expressed optimism that even the creditors will not stand in the way of the local unit's IPO as this will increase the subsidiary's value and thus benefit the parent company and its shareholders.