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OceanaGold IPO shares get green light from PSE

AngMinero News by AngMinero News
April 15, 2024
in Business, News
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OceanaGold projects increased gold production at Didipio Mine
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In line with the Php 7.9-billion initial public offering (IPO) of OceanaGold Philippines, Inc., the Philippine Stock Exchange (PSE) has given the green light for its initial listing.

The stocks, each with a par value of 10 centavos, have been approved for listing pending compliance with post-approval conditions from the PSE, Securities, and Exchange Commission, and other relevant regulatory bodies, with the listing date being postponed to May 13 from the original target of May 7.

OceanaGold Philippines, Inc. operates the Didipio gold and copper mine in Nueva Vizcaya, Northern Philippines. The IPO will include a firm offer of 456 million secondary common shares with an offer price of up to Php 17.28, surpassing the minimum requirement of 10% set in the company’s renewed financial or technical assistance agreement.

According to the latest prospectus issued on April 12, the offer period is set from April 29 to May 6,

If the listing proceeds as planned, OceanaGold Philippines Holdings, Inc. (OGPHI), will benefit from the maiden share sale.

BDO Capital & Investment Corp. will serve as the domestic underwriter and bookrunner for the offer, while CLSA Ltd. will handle international underwriting duties.

The company anticipates producing 120,000 to 135,000 ounces of gold and 12,000 to 14,000 tons of copper at its Didipio mine this year.

In other developments, the Senate is gearing up to commence plenary debates next month on simplifying the tax regime for the mining industry, following the House of Representatives’ approval of a bill proposing margin-based royalties and a windfall profit tax on large-scale miners in September.

However, the Finance Department advocates for a more straightforward mining regime, proposing just four windfall profit tax tiers, down from 10 tiers under the House bill.

Tags: Didipio gold and copper mineInc.mining sectorNueva Vizcayaoceanagold philippinesPhilippine Stock ExchangePSE

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