MANILA, Philippines — The Securities and Exchange Commission (SEC) has approved the P7.88 billion initial public offering of OceanaGold (Philippines) Inc.
The commission en banc resolved in a March 12 meeting to render effective OceanaGold Philippines’ registration statement covering 2.28 billion common shares, subject to the company’s compliance with certain remaining requirements.
Up to 456 million common shares owned by selling shareholder OceanaGold (Philippines) Holdings Inc. will be offered to the public at a price of up to P17.28 per share.
The SEC said net proceeds from the offer are expected to reach P7.8 billion, which will go directly to the selling shareholder.
The IPO is targeted to run from April 22 to 26, with listing on the PSE scheduled for May 7.
BDO Capital & Investment Corp. was tapped as the domestic underwriter and bookrunner for the offer, while CLSA Limited will serve as international underwriter.
OceanaGold Philippines, a subsidiary of multinational gold mining and exploration company OceanaGold Corp., operates the Didipio gold and copper mine in the northern Luzon region under a financial or technical assistance agreement with the government.
Mining operations at the Didipio Mine currently consist of sourcing ore from the underground mine and from its surface ore stockpile.
The ore is processed through the company’s processing plant, producing both gold doré and copper concentrate.