Semirara mines international demand

The newly opened Philippines mining sector gives foreign investors something to invest in.

Semirara Mining has cashed in on relaxations in the Philippines mining sector, raising its equity offer by 11.29 million shares to raise $68 million. The sale, which totals 105 million shares, is the first internationally placed equity offer of the year on the Philippines stock exchange.

The sale was initially planned as a solely international placement of 78.57 million shares, but, according to bankers on the deal, the stock exchange encouraged a placement to local retail investors. This came in the form of a secondary offer of 15.18 million shares from Semirara's parent, DMCI Holdings. After marketing the deal at P22-44 it was eventually priced at P36 and with an order...

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