The Philippine Stock Exchange (PSE) approved the P7.88-billion initial public offering of miner OceanaGold Philippines Inc.
The PSE said in a notice posted on its website it approved OceanGold’s offering of 456 million secondary common shares at P17.28 apiece, subject to a book-building process.
It said the offering period would be from April 29 to May 6, 2024. The shares will be listed on the main board of the PSE on May 13, 2024 under stock symbol “OGP”.
The offer shares account for 20 percent of the mining company’s total outstanding capital stock. About 319.2 million or 70 percent of the offer shares will be sold to overseas investors, while 91.2 million or 20 percent would be allotted to domestic investors through the PSE’s trading participants.
Documents showed that the balance of 45.6 million, or 10 percent of the offer shares, would be given to domestic local small investors under the PSE’s local small investors program.
The net proceeds from the offer will go directly to the selling shareholder. The company will not receive any proceeds from the offer.
OceanaGold tapped BDO Capital & Investment Corp. as the domestic underwriter and bookrunner for the offer, while CLSA Limited will serve as international underwriter.
OceanaGold Philippines is a subsidiary of multinational gold mining and exploration company OceanaGold Corp. It operates the Didipio gold and copper mine in Nueva Vizcaya province under a financial or technical assistance agreement (FTAA) with the government.
Mining operations at the Didipio Mine consist of sourcing ore from the underground mine and from its surface ore stockpile.
The ore is processed through the company’s processing plant, producing both gold doré and copper concentrate.
