SOUTHEAST Asia Cement Holdings Inc. (Seacem) has entered into a deal to acquire stakes in Ferrochrome Resources Inc. (FRI) and Southeast Palawan Nickel Ventures Inc. (South Palawan) at a combined price of $80 million.
The company disclosed on Thursday that its board of directors authorized its execution of a memorandum of agreement (MOA) with GHGC Metallic Ore Resources Inc., Jose Roy Borromeo, Dante R. Bravo, Kirby Erin Ng, Ceferino S. Paredes Jr., Arnulfo S. Santiago, Joseph C. Sy, Gu Zhi Fang and Xin Jun Xun.
As per the pact, Seacem is buying a total of 126.5 million common shares of FRI collectively owned by the sellers at a price of $30 million.
In a separate agreement it signed with Giantlead Prestige Inc., Alpha Centauri Fortune Group Inc., Antares Nickel Capital Inc., Huatai Investment Holding Pty. Ltd. and Wei Ting, the listed firm is purchasing from them a total of 500,000 common shares and 6.25 billion preferred shares of South Palawan for $50 million.
The number of shares of both FRI and South Palawan subject for acquisition by the cement holding firm represents 100 percent of their respective outstanding capital stock.
Roderick L. Abad