Oriental Peninsula Resources Grp Inc

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Oriental board okays investment in energy firm

The board of Oriental Peninsula Resources Group Inc. has approved a subscription to P300 million worth of common shares in Oriental Energy & Power Generation Corp. 

Oriental Peninsula said in a disclosure the shares, to be taken from Oriental Energy’s increase in authorized capital stock, were valued at P100 apiece, 

“The subscription will result to a 30-percent ownership in Oriental Energy,” it said.

Oriental Energy is a renewable energy company majority-owned by Citimax Group Inc., an affiliate of Oriental Peninsula. 

Citimax Group is majority-owned by businesswoman Caroline Tanchay, the corporation’s chairman, and president and chief executive officer. Oriental Energy will own, operate and maintain an 18-megawatt hydropower plant in Timbaban, Madalag, Aklan, Philippines. It also has hydropower projects in Manolo Fortich, Bukidnon, and Odiongan, Romblon.

The board of Oriental Peninsula also approved a guaranty agreement for Oriental Energy’s loan from the Development Bank amounting to P2 billion to partly finance the hydro project.

Oriental Peninsula’s loan carries a fixed interest rate of 6.75 percent a year, or the applicable repriced interest rate over a period of 12 years. 

“The borrower shall utilize the amount to partially finance the project cost and related expenses pertaining to the construction of its 18-megawatt hydropower plant in Timbaban, Madalag, Aklan,” Oriental Peninsula said.

Oriental Energy’s guaranty will stop upon delivery by the borrower proof of project takeover and a Department of Energy-certified copy of the certificate of endorsement of feed-in tariff eligibility.

The Timbaban hydropower plant is scheduled to start operations before the feed-in-tariff expires at the end of 2019.

source: http://www.manilastandard.net/business/p...-firm.html


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PSE prevents ORE from listing private-placement shares

THE Philippine Stock Exchange (PSE) said it is preventing mining firm Oriental Peninsula Resources Group Inc. (ORE) from listing its private-placement shares at the exchange after the company did not comply with some of the requirements.

“Due to the company’s noncompliance with the lodgment requirement of the exchange, please be advised that the private-placement shares will not be listed on August 28, 2018, the scheduled listing date,” the PSE said.

The PSE approved the said private placement of 1.42 billion shares also worth P1.42 billion on June 27.

The company also increased its authorized capital stock to P3.5 billion divided into 3.5 billion common shares from the previous P1.5 billion divided into 1.5 billion common shares to accommodate the said private placement.

It gave 150 million common shares, each valued at P1 per share to Fuying Holdings Ltd., Xinhua Development Ltd., Yu Rong Ltd.; 50 million common shares also at P1 apiece to Laguna Distillery Corp.; 700 million common shares to Redmont Consolidated Mines Corp.; and 226.5 million common shares to Suncorp Mines and Development Corp.

In its previous statement, ORE claimed it already complied with the requirements for the listing of the private-placement shares, including, among others, the submission of the required sworn corporate secretary’s certification dated August 18, 2018, attesting that the private-placement shares will be duly lodged with the Philippine Depository and Trust Corp. on the scheduled listing date.

If it was able to list its private-placement shares, its listed shares would have grown to 2.87 billion common shares from the current 1.45 billion shares or a free float level of 44.28 percent.

Oriental Peninsula was incorporated on April 16, 2007, as a holding company intended primarily to consolidate and operate companies that own mining tenements located within the Philippines.

The company is focused on the mining operations of its sole subsidiary, Citinickel Mines and Development Corp., which is primarily engaged to prospect, explore, locate, acquire, hold, work, develop, lease, operate and exploit mineral lands for chromite, copper, manganese, magnesite, silver, gold and other mineral products.

Currently, the company has a 99-percent equity interest in Citinickel, the sole claim owner of the Pulot Mine and the Toronto Mine located in the municipalities of Sofronio Española and Narra in the province of Palawan.

source: https://businessmirror.com.ph/pse-preven...nt-shares/


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