GSIS invests P1.46 billion in Nickel Asia

MANILA, Philippines — State-run pension fund Government Service Insurance System (GSIS) has invested P1.46 billion in listed Nickel Asia Corp. (NAC).

In a disclosure to the Philippine Stock Exchange yesterday, NAC said the GSIS investment involved a purchase of a total of 233.558 million common shares, done through a block sale approved by the local bourse on Wednesday.

This is the first time GSIS invested in the company, NAC senior vice president for risks, sustainability and communications Jose Bayani Baylon said.

He said the shares acquired by GSIS were part of the stock option plan of executives, thus proceeds of the investment will go to the executives who sold their options.

NAC chief executive officer and president Martin Antonio Zamora said GSIS’ investment in the company is a testament that a company 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,” he said.

Meanwhile, GSIS president and general manager Wick Veloso said 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,” he said.

“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,” Veloso said.

Last year, the GSIS chief stressed the need to invest in projects to strengthen its mandate and boost its portfolio and provide better services for Filipinos.