MANILA - A local mining firm has obtained the Philippine Stock Exchange's (PSE) approval to list its shares on the local bourse without raising capital amid volatile market conditions.
In a statement, Century Peak Metals Holdings Corp. (CPMHC) said the PSE has approved its listing by way of introduction.
Under the rules, companies that list by way of introduction need not conduct an initial public offering (IPO) right away. But an IPO is required a year after listing.
The actual listing of CPMHC is yet to be scheduled depending on its compliance with post-approval requirements, including a permit to sell securities from the Securities and Exchange Commission (SEC) and the registration and licensing order.
Based on documents earlier filed with the SEC, CPMHC plans to list about 2.82 billion issued and outstanding common shares. The company has an authorized capital stock of 3.575 billion common shares with par value of P1 each.
CPMHC is a holding firm which owns 100% of nickel Century Peak Corp., and 55% of Century Hua Guang Smelting Inc.
According to its management, the company aims to be a vertically integrated mining firm, with nickel ore extraction and nickel pig iron smelting operations. It said its smelting business assures the utilization of extracted ore, thereby generating more value for the company.
Established in December 2003, CPMHC, formerly Fil Hispano Corp., is engaged in promoting, operating, managing and owning companies that conduct mining or mining-related activities.
It holds a mineral production sharing agreement with the government over a nickel project in Loreto in the Dinagat Islands, and an existing exploration permit over a 3,188-hectare property in Albor, Dinagat.