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Philippines’ no. 3 nickel miner plans PHP 27-billion IPO

14 Jan

BY UNICAPITAL SECURITIES

Global Ferronickel Holdings Inc. (FNI), the Philippines’ no. 3 nickel producer formerly known as Southeast Asia Cement Holdings (CMT), is expected to raise $600 million (PHP 26.9 billion) in a Manila initial public offering (IPO) in March, sources said, taking advantage of higher prices and exports triggered by a ban on shipments of ore from Indonesia.

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Global Ferronickel plans to sell 6.16 billion common shares, with an over-allotment option of up to 924.72 million shares at a maximum price of PHP 4.38 each, another source said.

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Posted by on January 14, 2015 in Corporate News, FNI, Stock Market

 

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