THE Securities and Exchange Commission (SEC) “has considered favorably” Philex Mining Corp.’s stock rights offering (SRO) that could reach up to P3.15 billion as the company set the maximum offer price to P4.81 apiece.

“In its meeting on Jan. 27, the Commission En Banc resolved to render effective the registration statement filed by Philex Mining for a stock rights offer covering up to 842 million common shares, subject to certain remaining requirements,” the SEC said in a statement.

The final number of shares issued is dependent on the final offer price, the SEC said. Shares will be offered to eligible shareholders.

According to the latest schedule submitted to the SEC, Philex Mining plans to conduct the offer from Feb. 28 to March 10, while the listing of the offer shares at the stock market is tentatively set to March 21.

Net proceeds from the offer will be used for the company’s investment in Silangan Mindanao Mining Co., Inc. via Silangan Mindanao Exploration Co., Inc.

The funds will be used to finance the mine development and the construction of the mill plant and support facilities, as well as storage tailings of its subsidiary’s Silangan mining project.

Philex Mining tapped BDO Capital & Investment Corp. to be the issue manager and lead underwriter of the offer.

Philex is one of three Philippine units of Hong Kong-based First Pacific Co. Ltd., the others being Metro Pacific Investments Corp. and PLDT, Inc.

Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has interest in BusinessWorld through the Philippine Star Group, which it controls. — Keren Concepcion G. Valmonte

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