DMCI Offers ENK $78 Million For Nickel Assets

PhilStar reported DMCI Holdings Inc. has offered to acquire ENK Plc. with resources and assets in Turkey, Philippines and Albania, for $78 million.

As quoted in the market news:

ENK is focused on developing its flagship project, Acoje mine, which covers an area of 3,765 hectares located in Zambales. The deposit has a combined inferred and indicated resource of 50.14 million tons grading 1.08 percent nickel and 0.05 percent cobalt.

DMCI offered to acquire all of the existing shares of ENK at an offer price of 19 pence per share, a premium of 38.2 percent to the closing price of 13.75 pence on July 26, the day before the approach was announced, and a premium of 67.5 percent to the average closing price over the three-month period to that date.

Click here to read the full PhilStar report.