23/10/2012 - 09:39

ENK delists following takeover

23/10/2012 - 09:39

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West Perth based nickel explorer ENK will officially delist from the Australian Stock Exchange today after being taken over by Filipino resources and construction giant DMCI Holdings.

The company received a joint takeover offer worth $73.6 million from DMCI and UK-based D&A Income in August. The offer priced the company's shares at 28 cents - slightly higher than the 27 cent value at the time of the offer.

The bidders ultimately gained an 87.7 per cent shareholding in the company.

ENK's main focus is on the Acoje nickel project on the island of Luzon in the Philippines, but it also owns a Chromite deposit five kilometres north of Acoje.

The acquisition of ENK add to DMCI's vast array of business interests, which include construction, real estate, coal, power, toll roads and water utilities.

DMCI was formed as a holding company to consolidate the businesses of the wealthy Filipino Consunji family in 1995.

 

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