{"id":18743,"date":"2024-05-14T03:02:06","date_gmt":"2024-05-14T03:02:06","guid":{"rendered":"https:\/\/energybuzz.ph\/staging\/6915\/oceanagold-philippines-drops-6-on-market-debut\/"},"modified":"2024-05-14T03:02:06","modified_gmt":"2024-05-14T03:02:06","slug":"oceanagold-philippines-drops-6-on-market-debut","status":"publish","type":"post","link":"https:\/\/energybuzz.ph\/staging\/6915\/oceanagold-philippines-drops-6-on-market-debut\/","title":{"rendered":"OceanaGold Philippines drops 6% on market debut"},"content":{"rendered":"
\n

By Revin Mikhael D. Ochave, <\/b>Reporter<\/i><\/p>\n

OCEANAGOLD Philippines, Inc. (OGP) made a dismal stock market debut on Monday, as its stock price closed 6% lower than its initial public of<\/span>fering (IPO) price.<\/p>\n

The subsidiary of Toronto-listed Oceana Gold Corp. listed 20% of its outstanding common shares or 456 million stocks worth P6.08 billion on the Philippine Stock Exchange (PSE). <\/span><\/p>\n

Shares in OceanaGold Philippines opened at P13.34 each, slightly above its IPO price of P13.33. Its shares closed at P12.50 each, down 82 centavos or 6.16%.<\/p>\n

This was the first IPO on the local bourse this year, and the <\/span>f<\/span>irst market debut by a mining company in 12 years or since Coal Asia Holdings, Inc. in October 2012.<\/span><\/p>\n

\u201cThe PSE adds a leading mining firm to its roster of publicly listed companies. OGP\u2019s IPO listing comes at a time when prospects for the mining sector are favorable,\u201d PSE President and Chief Executive Officer Ramon S. Monzon said during the listing ceremony. <\/span><\/p>\n

\u201cThe government is looking to revitalize the mining industry to boost its potential contribution to the economy. The local mining sector certainly has a vast potential that can fuel economic growth,\u201d he added.<\/p>\n

OGP operates the Didipio gold and copper underground mine in Northern Luzon. It renewed its Financial or Technical Assistance Agreement (FTAA) with the Philippine government in July 2021 for another 25-year period, which started in June 2019.<\/span><\/p>\n

The public listing is part of the company\u2019s requirement under the renewed FTAA.<\/p>\n

\u201cWe expect our mining operations to provide substantial dividend returns to our shareholders and most importantly to continue to give benefits to the government and the communities, ensuring that we realize our purpose of mining gold and copper for a better future,\u201d OGP President Joan D. Adaci-Cattiling said at the listing ceremony.<\/span><\/p>\n

The drop in OGP\u2019s stock price is ref<\/span>lective of \u201ctough market conditions,\u201d China Bank Capital Corp. Managing Director Juan Paolo E. Colet said in a Viber message.<\/p>\n

\u201cThe negative first-day performance of the stock shows that equity market conditions remain tough for IPOs. Not even a substantially discounted IPO price could stop the heavy selling,\u201d he said.<\/span><\/p>\n

\u201cThis might make investors more cautious about IPOs if market sentiment does not improve,\u201d he added.<\/p>\n

AP Securities, Inc. Research Head Alfred Benjamin R. Garcia said in a Viber message that OGP\u2019s offering of secondary shares had made it \u201cunattractive\u201d to investors.<\/span><\/p>\n

\u201cThe of<\/span>fering was composed of all secondary shares, which means that the proceeds from the IPO would go to the selling party, as opposed to primary share sales where the proceeds would go to the company itself to fund future projects and expansion,\u201d he said.<\/p>\n

\u201cIn the near term, we expect it to remain around these levels since there\u2019s still price stabilization activities. The downward momentum might strengthen after the price stabilization period expires after 30 days,\u201d he added.<\/p>\n

Mr. Garcia also said the share price declined because investors are wary of the risks surrounding the mining company.<\/span><\/p>\n

\u201cThere\u2019s also some risk in the fact that OGP\u2019s mine has been operating for a while and has a remaining mine life of a little less than 10 years, with no clear plan yet for extension or expansion. The company is also facing some legal challenges from the local <\/span>community where it operates,\u201d he said.<\/span><\/p>\n

Meanwhile, Chamber of Mines of the Philippines Chairman Michael T. Toledo said in a Viber message that OGP\u2019s listing signals the \u201cindustry\u2019s growing trust and con<\/span>f<\/span>idence in the country\u2019s business <\/span>environment and the<\/span> government\u2019s <\/span>positive policy direction on mining.\u201d<\/span><\/p>\n

He added that more mining IPOs are expected as the overall mining policy and competitiveness improve.<\/p>\n

\u201cListings such as OGP\u2019s provide the mineral industry the opportunity to involve the public to invest in the mining enterprise, given the Philippines\u2019 rich mineral endowment,\u201d he said.<\/p>\n

\u201cApart from access to capital, listed mining companies also are encouraged to further enhance their governance structure,\u201d he added.<\/span><\/p>\n

OGP is expected to release its f<\/span>irst-quarter f<\/span>inancial and operating results on May 31. It will declare the inaugural post-listing dividend payment to shareholders with the release of second-quarter results at the end of July.<\/p>\n

The PSE is expecting its second IPO listing on May 31 with Citicore Renewable Energy Corp.<\/p>\n

The bourse operator is aiming to have at least six IPOs this year.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

OCEANAGOLD Philippines, Inc. 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