Nickel Asia to acquire 66% stake in US power co EPI for $20.6m

Nickel Asia brand visual from the company website

Nickel Asia Corporation (NAC), the Philippines’ largest producer of lateritic nickel ore, aims to secure a controlling stake of 66 per cent in the US energy firm Emerging Power Inc (EPI) for $20.6 million (P920 million).

NAC informed the stock exchange on Thursday that the company’s board had approved the conversion of its one-year P446 million loan to, equity in EPI corresponding to an initial ownership of 55 per cent. The board also approved an additional investment of P474 million, to be invested in stages, which will increase the NAC’s ultimate ownership in EPI to 66 per cent.

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