Sultan Mining defers IPO
Local coal producer Sultan Mining & Energy Development Corp. has moved its planned P480-million initial public offering (IPO) to the latter part of July this year, according to its financial advisor and lead underwriter Asian Alliance & Investment Corp.
In a letter to the Philippine Stock Exchange, Asian Alliance said its decision was reached in consultation with Sultan Mining, allowing the company to “complete and present its interim operating results as of the first half of 2008 to prospective investors.”
The purely domestic offering was scheduled to start on June 26 to run until July 2 while the listing of the shares has been set on July 9.
The IPO consists of 480 million new common shares, accounting for 33 percent of Sultan Mining’s outstanding capital post-IPO, priced at their par value of P1 per share.
Net proceeds from the offer will be used to partially fund the company’s capital expenditures.
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