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Friday, March 29, 2024

Nickel miner hires more underwriters

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Global Ferronickel Holdings Inc., formerly Southeast Asia Cement Holdings Inc., has hired more banks to handle a P31-billion share sale slated next month.

An amended registration statement filed with the Securities and Exchange Commission showed

Global Ferronickel tapped Maybank Kim Eng and Religare as co-lead international underwriters.  It also designated Maybank Kim Eng and SB Capital as domestic underwriters.

UBS will remain as the sole global coordinator and co-lead manager.      

Global Ferronickel will offer up to 7.079 billion shares, including 3.08 billion primary shares and 3.08 billion secondary shares. Around 924.72 million shares represent overallotment option.

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The company set a maximum offer price of P4.38 per share.  Up to 80 percent of the shares will be sold to foreign investors while the remaining 20 percent will be for local investors.

Proceeds from the planned share sale will be used to finance expansion, acquisition and exploration of nickel and mining assets.

The final price for the offering will be set on March 16.  Offer period will be from March 17 to March 23 while listing date was tentatively set on March 26.

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