“We hope that Shell will stay listed, for the sake of its minority shareholders, especially those who bought into the company’s initial public offering ,” said Pimentel, a former deputy speaker.
The Government Service Insurance System owns 15,823,930 shares in Shell while the Social Security System holds another 7,764,300 shares, Pimentel said. The Mindanao solon noted that Shell’s competition, Petron, has also suspended the operations of its 180,000-barrel per day oil refinery in Limay, Bataan to minimize losses due to deteriorating margins.
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