Shell says Philippines unit preparing for stock market listing

Logos of Shell is pictured at a gas station in the western Canakkale province, Turkey April 25, 2016. REUTERS/Murad Sezer

LONDON (Reuters) - Oil major Royal Dutch Shell said on Wednesday its subsidiary in the Philippines, Pilipinas Shell Petroleum Corporation (PSPC), is in the process of preparing an initial public offering (IPO) of its shares. PSPC has hired BPI Capital Corp and JP Morgan for the process, IFR, a Thomson Reuters publication, reported earlier this month. (Reporting by Ron Bousso; Editing by Elaine Hardcastle)