GSIS eyes DOF stake in Semirara

State-run Government Service Insurance System (GSIS) could end up buying the Department of Finance (DOF)'s stake in Consunji-led Semirara Mining and Power Corp.(SMPC).

- RICHMOND MERCURIO and BRIX LELIS

SMPC chairman Isidro Consunji told The STAR that GSIS is interested in acquiring the DOF's shares in the listed integrated energy company.

Last week, Finance Undersecretary and chief economist Domini Velasquez said the DOF is planning to unload its 145.6 million shares in SMPC in a bid to boost its non-tax revenues through privatization.

The shareholdings, which are held by the Privatization and Management Office, an attached agency of the DOF, represent a 3.4-percent stake in SMPC.

"That has always been part of the public float," Consunji said.

SMPC's current free float level is at 24.23 percent.

Shares of the company closed at P32.95 last Friday, lower by 1.20 percent from the previous day. At this price, the government's stake in the company would amount to about P4.8 billion.