Philex Petroleum listing by introduction at P1.20 each

MANILA, Philippines—The Philippine Stock Exchange has approved a plan by Philex Petroleum Corp., the oil and gas exploration unit of local mining blue chip Philex Mining Corp., to list its shares on the local bourse by way of introduction at a listing price of P1.20 each on Sept. 12.

The listing by introduction, or without an immediate initial public offering, will be done on the PSE’s second bourse, which is devoted to companies with market capitalization of at least P250 million and has an operating track record of at least one year prior to the stock debut.

Based on the final prospectus approved by the PSE, Philex Petroleum will list 1.7 billion common shares on the second board, thus giving the company a market capitalization of P2.04 billion upon listing. The par value of the shares is P1 each.

Prior to the listing, Philex Petroleum has distributed about 598.63 million, or 36 percent of its outstanding shares, as property dividends to Philex mining shareholders based on an entitlement ratio of one share for every eight shares in the parent mining firm.

As a result of the property dividend, Philex Petroleum has 37,085 stockholders (excluding Philex Mining), 10,718 of whom own at least one board lot each.

The initial listing price was based on the valuation report and fairness opinion issued by Isla Lipana & Co. PricewaterhouseCoopers.