MANILA, Philippines - The Philippine Stock Exchange approved coal miner Coal Asia Holdings Inc.'s P800 million initial public offering.
Coal Asia is offering 800 million shares at P1 per share, to attract more retail investors.
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.
At present, Coal Asia produces high grade coal of less than 100,000Mt a year, but is planning to increase annual production to 600,000Mt by 2014.
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.