Four firms buy into Oriental Group

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Four new companies joined the listed firm Oriental Peninsula Resources Group with the purchase of a combined 500 million shares priced at P1 apiece.

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In a disclosure to the Philippine Stock Exchange, Oriental Peninsula said that it executed subscription agreements with four investors, involving P500-million worth of shares.

Of the 500 million shares, Xinhua Developments Ltd., Yu Rong Ltd. and Fuying Holdings Ltd. subscribed to 150 million shares each, while Laguna Distillery Corp. subscribed to 50 million shares.

The new set of subscription agreements came more than four months after the company secured a combined investment of P500 million from two firms.

Through separate private placements, King Crown Group Ltd. and Fuying Holdings invested P200-million and P300-million worth of shares, respectively, at a par value of P1 a share to Oriental Peninsula.

According to Oriental Peninsula, the proceeds of the placement will be used to fund existing mining projects, among others.

“The company is seeking to further raise capital through issuance of primary common shares to be taken from its unissued shares. The company shall benefit from the investment proceeds which it shall use for general corporate purposes and as working capital to augment the funding requirements of its various mining projects,” Oriental Peninsula said earlier.

“Proceeds from the placements are intended to be disbursed for existing and prospective mining operations of the company for the remainder of the year,” it added.

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