GSIS buys 2% stake in Nickel Asia, acquires shares worth P 1.46B
FILE PHOTO
MANILA -The Government Service Insurance System (GSIS) has bought P1.46 billion worth of shares in Nickel Asia Corp. (NAC), giving the state pension fund a roughly 2-percent stake in the country’s largest producer of nickel ore.
In a disclosure on Thursday, NAC said GSIS purchased 233.56 million of its common shares via block sale or a large, privately negotiated sale of common stocks to one or several parties. The transaction was approved by the Philippine Stock Exchange on Wednesday.
GSIS president and General Manager Wick Veloso said GSIS continues to find ways to lengthen its fund life through viable investment opportunities such as the successful vertically integrated mining ore production and processing businesses of NAC.
NAC is a diversified natural resources development company with five operating mines and a renewable energy subsidiary. Last year, it posted a net income of P7.93 billion, an increase of 1.5 percent from P7.81 billion in 2021.
NAC’s bottom line is expected to further increase in step with the robust demand for nickel, a vital component needed to produce the engines for electric vehicles.
“Our decision to invest in NAC supports the goal of safely growing our funds for our members’ benefit, while positioning strategically to aid both the Electric Vehicle industry and nation-building,” Veloso said.
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