Coal Asia Sets Public Offer
Coal Asia Holdings, holder of the country's second largest coal reserves with the potential to become the biggest producer of high-grade bituminous coal, filed on Monday its application with the Securities and Exchange Commission formally signifying its intent to conduct an initial public offering during the fourth quarter of 2012. The company plans to list its shares on the Philippine Stock Exchange's first board.
Coal Asia Holdings is the parent company of Titan Mining and Energy Corp., which owns mining exploration and development rights in Davao Oriental and Zamboanga Sibugay, is expected to boost market confidence in energy stocks from the continued rising demand for thermal coal fuels both in the domestic and international power-generating sector.
Company sources have confirmed that mine developments are on-track with commercial production of 600,000 metric tons of high-grade coal per year scheduled in 2014.