Coal Asia Offers IPO Shares At Par Value
Harald Tomintz, chairman of Coal Asia Holdings Inc., said the company's planned initial public offering will afford the investing public an opportunity to buy shares at the same price as Coal Asia's incorporators.
The company plans to list 800 million shares on the Philippine Stock Exchange's first board by the fourth quarter of 2012.
Tomintz, an Austrian national, was invited to join Coal Asia due to his wealth of experience stemming from his past association with Semirara Coal Corp., prior to its privatization in 1997.
Coal Asia has drawn interest from potential strategic and financial investors like the power generation and cement industries as well as investment funds, which want to own a stake in Coal Asia as a means to ensure continuous supply of coal and possibly hedge against another potential significant runup in coal prices.
The company is keen on ensuring the timely development of its high-grade bituminous coal mines that are strategically located in Mindanao, where there is a rush to establish critically needed power capacity.
Coal Asia plans to supply steam-grade coal to cement plants, canneries, and manufacturing plants that have converted their diesel-powered plants into coal-powered plants to mitigate costs. It has also bagged off-take contracts both here and abroad.