THE Securities and Exchange Commission (SEC) has approved the P7.88-billion initial public offering (IPO) of the Philippine unit of Australian-Canadian mining company OceanaGold Corp.
In a statement on Tuesday, the SEC said the commission en banc has cleared the registration statement of OceanaGold Philippines, Inc. (OGPI) covering 2.28 billion common shares during a March 12 meeting, subject to the company’s compliance with certain remaining requirements.
OGPI’s IPO will consist of up to 456 million common shares owned by selling shareholder OceanaGold Philippines Holdings, Inc. (OGPHI) at up to P17.28 per share.
The IPO is expected to generate P7.8 billion worth of net proceeds, which will go directly to OGPHI.
OceanaGold Corp. will not receive any proceeds from the offer.
The offer period will be from April 22 to 26, with listing on the Philippine Stock Exchange set for May 7, based on the timetable submitted by OceanaGold Corp.
OceanaGold Corp. selected BDO Capital & Investment Corp. as the domestic underwriter and bookrunner for the offer, while CLSA Limited will serve as international underwriter.
OGPI, a unit of OceanaGold Corp., operates the Didipio gold and copper mine in Nueva Vizcaya under a financial or technical assistance agreement with the government. — Revin Mikhael D. Ochave