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The Securities and Exchange Commission approved on Thursday the
maiden public share offering of Sultan Mining and Energy Development
Corp. (SMEDC).
In a statement, the local coal mining and
trading firm said it will sell 480 million new common shares worth
P480 million to local investors. The shares to be sold for the first
time are equivalent to 33.5 percent of SMEDC afte the rIPO.
The company plans to increase production of its
mine in Bislig, Surigao del Sur, to at least 300,000 metric tons
(MT) this year from last year’s 20,000 metric tons.
The coal company has tapped Asian Alliance
Investment Corporation to be the lead underwriter for the capital
raising activity. SMEDC shareholder Maxinvent Trading Corp. has also
granted Asian Alliance an option to purchase or place up to 48
million SMEDC shares, representing 10 percent of the offer.
-- Likha C. Cuevas-Miel
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