Holding firm Oriental Peninsula to raise P894M in planned IPO

Holding company Oriental Peninsula Resources Group Inc. is seeking to raise as much as P894 million in fresh capital through an initial public offering. In an amended registration statement filed with the Securities and Exchange Commission, Oriental Petroleum said it will be offering 300 million new shares at a price range of P1.98 to P2.98. The company said the net proceeds to the company from the offer, estimated from the offer price range to be between P540 million and P840 million, will be used mainly to finance capital expenditures, working capital requirements, and other general corporate purposes of the company relating to the production and further exploration and development of the mineral property. Oriental Peninsula has appointed Asian Alliance Investment Corp. as its sole issue manager and underwriter for its public offering. The company was incorporated earlier this year as a holding company intended primarily to consolidate and operate companies that own mining Tenements in the Philippines. Oriental Peninsula owns 94 percent of the Citi Nickel Mines Development Corp., which has two mining tenements in Palawan. - Cheryl Arcibal, GMANews.TV