{"id":329709,"date":"2024-09-30T22:16:29","date_gmt":"2024-09-30T14:16:29","guid":{"rendered":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/?p=329709"},"modified":"2024-09-30T22:16:30","modified_gmt":"2024-09-30T14:16:30","slug":"trade-the-news-govt-plans-to-sell-145-million-shares-of-scc","status":"publish","type":"post","link":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/trade-the-news-govt-plans-to-sell-145-million-shares-of-scc\/","title":{"rendered":"Trade the News: Gov’t plans to sell 145 million shares of SCC"},"content":{"rendered":"\n
Potential Impact of this News<\/strong><\/td>NEGATIVE on the stock price<\/strong><\/td><\/tr>
Company<\/strong><\/td>Semirara Mining and Power Corp.<\/td><\/tr>
Stock Code<\/strong><\/td>SCC<\/td><\/tr>
Long-term Recommendation on the Stock<\/strong><\/td>Hold<\/td><\/tr>
1-Year Target Price<\/strong><\/td>PHP 34.12<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n
<\/div>\n\n\n\n

The government is planning to unload its 145.6 million shares in Consunji-led Semirara Mining and Power Corp. (SCC) in a bid to boost its non-tax revenues through privatization.<\/p>\n\n\n\n

On the sidelines of the Management Association of the Philippines general membership meeting on Tuesday, Finance Undersecretary and chief economist Domini Velasquez said the government is aggressively pursuing non-tax revenues through privatization.<\/p>\n\n\n\n

Velasquez said that the Department of Finance (DOF) has a long list of assets eyed for privatization over the course of the Marcos administration.<\/p>\n\n\n\n

He said one of these assets is the government\u2019s 145.61 million shares in SMPC.<\/p>\n\n\n\n

\u201cIt\u2019s being studied right now at the DOF. It\u2019s up for privatization already,\u201d Velasquez told reporters.<\/p>\n\n\n\n

\u201cMost important is the valuation of the shares and looking for investors, especially right now that the market is moving. It\u2019s a matter of timing,\u201d she said.<\/p>\n\n\n\n

The sale of the SMPC share is expected to be part of the P100 billion privatization target of the DOF for 2025.<\/p>\n\n\n\n

\u201cIt will benefit us if the stock market is doing well,\u201d Velasquez said.<\/p>\n\n\n\n

SMPC share prices stayed the same yesterday, closing at P33.85 apiece.<\/p>\n\n\n\n

SMPC explores, develops and mines the coal resources in Semirara Island in Antique through a coal operating contract with the Department of Energy.<\/p>\n\n\n\n

It integrated its business as a coal supplier or producer to power generation through its wholly owned subsidiaries.<\/p>\n\n\n\n

The company generates its revenues through the production and sale of sub-bituminous coal.<\/p>\n\n\n\n

Currently, SMPC has existing coal supply contracts with its own power subsidiaries as well as other power plants, cement manufacturers and other small boiler users.<\/p>\n\n\n\n

(News Source: Philippine Star<\/a>)<\/em><\/p>\n\n\n\n

<\/div>\n\n\n\n

This report is prepared by PinoyInvestor\u2019s partner broker below. Find out more about our partner brokers<\/a> and sign up to avail their complete trading brokerage services.<\/em><\/em><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Take advantage of the price opportunity that might arise when the news hits. Trade the news!<\/p>\n","protected":false},"author":11,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1371],"tags":[],"class_list":["post-329709","post","type-post","status-publish","format-standard","hentry","category-trade-the-news","generate-columns","tablet-grid-50","mobile-grid-100","grid-parent","grid-33"],"_links":{"self":[{"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/posts\/329709","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/users\/11"}],"replies":[{"embeddable":true,"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/comments?post=329709"}],"version-history":[{"count":2,"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/posts\/329709\/revisions"}],"predecessor-version":[{"id":329712,"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/posts\/329709\/revisions\/329712"}],"wp:attachment":[{"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/media?parent=329709"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/categories?post=329709"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/tags?post=329709"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}