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Coal mine owner Sultan Mining and Energy Development Corp. has deferred its P480-million initial public offering (IPO) of stock, as it has yet to complete its first half financial report.

In a disclosure to the stock exchange, lead underwriter Asian Alliance Investment Corp. said it had decided, in consultation with Sultan, to postpone the IPO to the latter part of July.

The IPO was had been planned for June 26 to July 2.

In a separate statement, Sultan Mining said it remained committed to proceeding with an IPO. It said energy stocks had been insulated from the weakness of the global market and coal prices were rising on the back of record-high oil prices.

The stock market’s main index has lost a total of 103.7 points since Monday on lingering fears over a global economic slowdown.

To meet growing demand and take advantage of surging prices, Sultan Mining said it was ramping up production in its mine in Bislig town in the southern province of Surigao del Sur.

It said its Bislig coal mine was now in full commercial production and more heavy equipment had been brought in to develop several open pits.

The company said its output in April reached 22,000 metric tons, up 120 percent from March, and it expected to record 25,000 metric tons for May. Edited by INQUIRER.net

• US stock market edges up
• MCCI shuts Mindanao smelters for repairs, upgrade
• ISM sets P655-M rights offer
• Church, experts blame mining, logging for flash floods
• Church blames mining, logging for killer floods
• (UPDATE) Shares close lower for fifth day on inflation fears
• Oil gains on supply worries, Asian stocks slip
• Shares lower in mid-trade on caution ahead of Fed meet
• Sultan Mining postpones $10.7-million IPO to late July

• RP raises $1.5B from int’l bond offering
• Shares slide 1.66% lower
• Economic crisis fears return
• Forex reserves as record $37.1B
• RP less vulnerable to crisis, says Fitch
• NFA rice procurement highest since 1979
• Treasurer sees drop in interest rates
• HK fund buys 13% of Alliance Tuna
• Philex reports P800-M output