MANILA, Philippines - The Securities and Exchange Commission (SEC) en banc has approved coal miner Coal Asia Holdings Inc.'s P800 million initial public offering.
In its filing with the SEC, Coal Asia said it will offer 800 million shares at an offer price of P1 per share.
The IPO is scheduled in the fourth quarter of 2012.
Coal Asia has tapped Abacus Capital and Investment Corp. to be the underwriter for the offering.
The mining company said it will use the proceeds from the offering to develop and explore its coal mining projects in Davao Oriental and Zamboanga-Sibugay.
Coal Asia's IPO will be the fourth this year. GT Capital, East West Bank and Calata Corp. listed on the stock exchange this year.