Sultan Mining delays IPO to wait for first sem results

MANILA, Philippines- Local coal firm Sultan Mining is postponing its initial public offering to late July so that it will be able to show investors its complete operating results for the first half of the year. Sultan Mining earlier planned to sell its shares to the public in the first week of July, with its listing scheduled on July 9. In a memo to investors, the Philippine Stock Exchange said Asian Alliance has decided to postpone the offering upon consultation with Sultan Mining. "This postponement will allow the Company to complete and present its interim operating results as of the first half of 2008 to prospective investors," the PSE quoted Asian Alliance as saying. The company plans to sell 480 million shares at P1 each. The net proceeds of approximately P438.4 million will be spent to buy equipment and ramp up production, the company said earlier. - GMANews.TV