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, 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 that was filed on 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.
Last April, Global Ferronickel secured the approval of the Philippine Stock Exchange for the sale of up to 250 million common shares at a price of up to P4 apiece.
Abacus Capital & Investment Corp. will act as lead underwriter of the offer.
Shares in Global Ferronickel inched up three centavos or 1.27% to end at P2.39 each on Friday. — Krista Angela M. Montealegre