Global Ferronickel delays planned P1-billion share sale

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Global Ferronickel Holdings, Inc. is delaying its planned P1-billion follow-on share sale to give the Securities and Exchange Commission (SEC) more time to review its regulatory filings.

In a letter to the stock exchange on Friday, May 25, one of the country’s largest nickel miners said the SEC’s Markets and Securities Regulation Department (MSRD) and the Office of the General Accountant (OGA) are still evaluating the updated prospectus and audited financial statement filed last May 9.

Global Ferronickel intended to price the shares on May 18 and launch the offer period on May 28.

“In light of this, we seek your consideration to suspend our present timetable in order to provide the SEC MSRD and OGA with sufficient time to review and clear our updated Prospectus and AFS,” Global Ferronickel said.

“We shall immediately provide the exchange with an updated timetable as soon as we get clearance from the SEC,” it added.

Shares in Global Ferronickel inched up three centavos or 1.27% to end at P2.39 each on Friday. — Krista Angela M. Montealegre