Business World Online
Posted on July 16, 2012 11:41:54 PM
COAL ASIA Holdings is planning to go public in the fourth quarter in a bid to develop its existing exploration projects.
“We plan to offer 800 million shares at P1.00 par value per share,” Coal Asia Holdings President Jaime T. Ang said in a phone interview.
The company, which holds the rights to develop significant coal reserves, yesterday said it had filed its intent to conduct an initial public offering (IPO) with the Securities and Exchange Commission (SEC).
“Post-issuance, we’re looking to have 20% of our shares available to the public,” Mr. Ang added.
Coal Asia is the parent firm of Titan Mining and Energy Corp., which holds mining exploration and development rights for two sites in Davao Oriental and Zamboanga Sibugay.
Mr. Ang said the company’s medium-term goal after going public would be to develop these two projects, with IPO proceeds to be used for the continued exploration.
“It will also go to the development of the Davao Oriental mine, which should go into commercial production by 2014,” he said.
The firm noted that the Davao mine development is on-track and is expected to produce 600,000 metric tons of high-grade coal annually once commercial operations start.
Coal Asia, citing a June 2012 preliminary feasibility study, said a small portion of the 7,000-hectar site contained reserves of some 28,000 tons per hectare, which translates to an estimated market value of P23.8 billion.
The firm said it had already entered into several off-take contracts. -- B. F. V. Roc source
No comments:
Post a Comment