• Top Frontier may offer more shares

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    Top Frontier Investment Holdings Inc., the controlling shareholder of San Miguel Corp., made its debut in the local bourse on Monday and may offer more shares this year.

    Ramon Ang, Top Frontier president and chief executive officer, told reporters after the listing ceremony of the company at the Philippine Stock Exchange that the company may consider doing a follow-on offering within this year, depending on market movement.

    “We are planning to do that [follow-on offering] but for the meantime, what we need is to give a little time to the investors to understand our business. We need a little time to stabilize first before we move on to the second stage,” Ang, who is also the president and chief executive of San Miguel Corp., said.

    “If the market is good, we will do it [follow-on offering] this year,” he added.

    According to Ang, they will eventually have to raise funds via share sale once they have identified investments.

    Being the first company to go public this year, Top Frontier opted to proceed with its listing by way of introduction despite current market volatility.

    “The reason why we listed TF [Top Frontier] is to share it to the market,” Ang said.

    During the morning session of Monday’s trade, Top Frontier shares fell as much as 54 percent. Shares of Top Frontier were at P93 apiece in early trade, against an initial price of P178 a share.

    For his part, Top Frontier Chairman Inigo Zobel, who was also present during the listing ceremony, said that the listing of the company will give them access to capital both here in the country and abroad for their mining ventures.

    The company is eyeing three coal investments abroad.

    “Yung coal mine investments na tinitingnan natin [for the coal mine investments that we are looking at], we have zeroed in at least three foreign investments. Right now, we are doing due diligence. Pag nasigurado na maganda ang reserves [if the reserves are proven good], then we can proceed,” Ang said.

    “Drilling should be completely done by early next year or late this year,” he further said.

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