State-led Government Service Insurance System (GSIS) has invested Php 1.46 billion in Nickel Asia Corp. (NAC) through a block sale.
In a disclosure to the Philippine Stock Exchange (PSE), NAC said that the investment involves the purchase of 233,558,653 common shares through a block sale approved on Wednesday.
NAC CEO and president Martin Antonio Zamora said that GSIS’s investment in the company is a statement that it can grow responsibly.
“Our commitment to sustainable development is something we take seriously, and we are happy to attract like-minded entities that believe in the value of responsible mining and renewable energy,” Zamora said.
On GSIS’s end, company president and general manager Wick Veloso said that the pension fund is continuously looking for opportunities to widen its investment portfolio.
“GSIS continues to look for ways to lengthen its fund life through viable investment opportunities such as the successful vertically integrated mining ore production and processing businesses of NAC,” Veloso said.
The GSIS official said that their decision to invest in NAC supports the company’s goal of safely growing funds for their members’ benefit and at the same time, strategically aid to the electric vehicle industry and nation-building.
NAC is eyeing opportunities in the EV industry together with Sumitomo Metal Mining Co. Ltd.
