Seacem acquiring 2 mining firms

MANILA, Philippines - Listed firm Southeast Asia Cement Holdings Inc. (Seacem) is acquiring two mining firms at a total cost of $80 million.

In a disclosure to the stock exchange, Seacem said it has entered into a memorandum of agreement with Ferrochrome Resources Inc. and Southeast Palawan Nickel Ventures Inc. to buy out both of the firms’ existing shareholders.

Seacem said it would purchase 500,000 common shares and 6.25 billion preferred shares of Southeast Palawan at a price of $50 million.

Sellers of the Southeast Palawan shares representing 100 percent of the outstanding capital stock of the company are Giantlead Prestige Inc., Alpha Centauri Fortune Group Inc., Antares Nickel Capital Inc., Huatai Investment Holding Pty. Ltd. and Wei Ting.

Southeast Palawan owns and holds at least 90 percent of the outstanding capital stock  of Ipilan Nickel Corp., a firm engaged  in nickel mining in Brookes Point in Palawan.

In addition to Southeast Palawan, Seacem is also acquiring 100 percent capital stock of Ferrochrome Resources for $30 million.

Seacem said it is buying 126.50 million common shares of Ferrochrome Resources from 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.

Formerly called Golden Harvest Global Corp., Ferrochrome Resources currently has two chromite mining agreements in Zambales.

Seacem earlier said it is bound to change its corporate name to Global Ferronickel Holdings Inc. as well as increase its authorized capital stock to P12.555 billion from P2.555 billion.