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After the successful listing of Oriental Peninsula Resources Group
late last year, another mining firm is seeking the approval of the
Securities and Exchange Commission (SEC) to list in the Philippine
Stock Exchange by way of introduction.
Based on documents from the SEC, Century Peak
Metals Holdings Corp. plans to list about 2.82 billion issued and
outstanding common shares owned by 826 shareholders at end-April.
Century Peak presently has an authorized capital stock of 3.575
billion common shares with par value of P1 each.
The company told the SEC that it is qualified to
list its shares under the listing rules of the local bourse since
its securities are distributed by way of property dividend by its
listed parent firm, Paxys Inc. (PAX), to its shareholders.
“Specifically as a result of the transferred
land held by PAX for new shares of Fil-Hispano, PAX assumed 100
percent of Fil-Hispano. Subsequently, PAX declared Fil-Hispano’s
shares as property dividends to all PAX shareholders as of record
January 15, 2004,” Century Peak said.
The firm was established in December 2003 as an
investment holding company under Fil-Hispano with PAX as its parent.
PAX then spun off its real- estate business in exchange for shares
in Fil-Hispano. In February this year, the SEC approved Century
Peak’s change in corporate name, increase in authorized capital
stock and primary purpose to mining operations and other related
activities.
Century Peak holds a mineral production sharing
agreement (MPSA) with the government over the Casiguran nickel
project in Loreto in the Dinagat Islands. It also holds an existing
exploration permit over Albor, Dinagat that covers 3,188 hectares
and a pending exploration permit application in Iwahig, Puerto
Princesa City. The company also signed an agreement with Maharlika
Dragfon for the operating agreement with the owners of Acoje
property, which is adjacent to its mining tenement in Casiguran, to
explore nickel and chromite ores.
The parent firm also acquired 55 percent of
Century Hua Guang Smelting, Inc. through a deed of assignment of
subscription in April this year. The smelter is a joint venture with
the owners of Zhejiang Hua Guang, one of the largest nickel pig iron
producers in China.
“With the prospective smelting project,
coupled with its mining and exploration properties, the company
envisions itself becoming a major player in the Philippine mining
industry, focusing in the nickel and chromite sectors,” Century
Peak said in its prospectus.
Besides intensification of its exploration
activities, the company said it plans to streamline its ore
extraction operations and start shipment of nickel ore by the third
quarter this year through its nickel subsidiary. Century Peak
currently has a nickel ore stockpile of 80,000 metric tons and spent
P9.9 million at end-April.
It also aims to diversify its mining tenement
search and future explorations into other minerals like chromite and
iron ores.
-- Likha C. Cuevas-Miel
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