(EnergyAsia, August 3 2012, Friday) — Coal Asia Holdings said it plans to offer 800 million shares at par value in its upcoming initial public offering (IPO) on the Philippine Stock Exchange’s first board by the fourth quarter. (US$1=42 peso).
The company, which holds the country’s second largest coal reserves, aims to raise 726.87-million peso after expenses to start up its Davao Oriental mine by 2014, and the Zamboanga Sibugay mine a year later.
Its subsidiary, Titan Mining and Energy Corp (TMEC), owns the rights to develop high-grade bituminous coal reserves from the two mines in southern Mindanao to supply domestic power plants and export markets in Asia.
According to Vicente Arana, Coal Asia’s President, the mines hold a total of 120 million metric tons of commercial reserves.