CLOSE X
Advertisement

Petmin Company raises its stake in NAIC

Economy
Share this story

Petmin increased its stake in the North Atlantic Iron Corporation (NAIC) from 17 percent to 22.5 percent based on the project’s technical and economic viability, the company said yesterday. JSE-listed Petmin has joint management control of NAIC, which is developing an iron sands to pig iron project in Canada’s Labrador province. Petmin has an earn-in option to acquire up to 40 percent of NAIC for a total of $25 million (R205m), plus a further option to acquire an additional 9.9 percent at a market-related price. At June 30, Petmin’s investment was $6.5m for 17 percent of NAIC and it has recently invested a further $4.5m for an additional 5.5 percent, taking its holding in NAIC to 22.5 percent. Petmin shares were unchanged at R2.32 at the close of trade yesterday, after hitting a session high of R2.40. – Staff reporter

Share this story
Advertisement
X