Business Mirror
Published on Tuesday, 20 November 2012 21:16 Written by Miguel R. Camus / Reporter
A subsidiary of newly listed Coal Asia Holdings Inc. has obtained incentives from the Board of Investments (BOI) as a new producer of coal for its upcoming Mindanao projects in Davao Oriental and Zamboanga Sibugay on a so-called non-pioneer status, a statement said.
The perks include an income-tax holiday for four years from January 2016, or when commercial operations start, lower income tax and zero-duty importation of capital equipment for five years.
“The impact of these BOI incentives on the company’s bottom line is very significant and can be a catalyst for further growth. Its revalued earnings forecast will be a positive driver of the company stock price,” Aldo Claparols, fund manager at DA Market Securities, said in the statement.
On a macro level, Coal Asia Chairman Harald Tomintz lauded the government’s support for projects that would contribute to industrial growth and economic upliftment, particularly in the countryside and in the south of the country where several opportunities are found.
Coal Asia recently concluded its capital-enhancement exercise with an initial public offering, raising approximately P800 million. Proceeds would help bring its coal projects into commercial production. source
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