Listed mining firm Nickel Asia Corp. said Thursday that Government Service Insurance System, the state pension fund for public sector workers, has bought a small stake in the company for P1.46 billion.
The listed nickel producer said GSIS purchased a total of 233.6 million shares, which was completed through a block sale approved by the Philippine Stock Exchange on April 12.
Nickel Asia views the GSIS investment as a vote of confidence on its pledge to pursue responsible mining practices.
“GSIS’ investment in NAC shows that it is possible for a company to 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,” said Martin Antonio Zamora, chief executive officer and president of Nickel Asia, in a statement.
GSIS president and general manager Jose Arnulfo “Wick” Veloso said the Nickel Asia investment—equivalent to about a 1.5 percent stake in the company—is part of the state pension fund’s effort to lengthen its fund life, which now provides for the benefits of nearly 600,000 old-age pensioners as well as services for nearly 2 million government workers.
“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. 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,” said Veloso.
Nickel Asia aims to become a premier environmental, social and governance, or ESG, investment as well as be among the top 25 companies in the Philippine stock market in terms of market capitalization by 2025.
