Philex dividend to include shares in unit


Posted at Jul 21 2011 07:08 PM | Updated as of Jul 22 2011 03:08 AM

MANILA, Philippines - The country's top gold and copper miner, Philex Mining Corp., said on Thursday it had regulatory approval to pay a dividend with shares in its Philex Petroleum Corp. (PPC) unit, which it plans to list in September.

The company will issue one PPC share for every eight Philex Mining shares held. It also plans a cash dividend of 5.2 centavos per Philex Mining shares, which still has to be approved by the Securities and Exchange Commission.

"Payment date will be five trading days from the date the requisite SEC approvals are obtained," it told the stock exchange.

Philex plans a listing by way introduction for PPC, which does not require an initial public offering. But it does require the company to offer shares to the public within 12 months of listing.

Philex chairman Manuel Pangilinan told Reuters earlier this month that PPC may participate in a planned state auction for 15 contracts to explore for oil and gas near southwestern Palawan island.

PPC fully owns Brixton Energy & Mining Corp., which is engaged in coal mining, and has a 39% stake in Forum Energy Plc, a UK-listed firm that has interests in several petroleum exploration projects in the Philippines.

Philex Petroleum also owns 18.5% of Pitkin Petroleum Plc, which has exploration projects in Peru, Vietnam and the Philippines.

Philex Mining shares fell 5% to P25.65 on Thursday in a market that slipped 0.6%. The stock is still up nearly 80% this year, outperforming a market gain of nearly 7%.