GIHL is hopeful for NSC tender

GIHL is hopeful for NSC tender

Recent market news report that, Global Infrastructure Holdings Ltd (GIHL), a subsidiary of Ispat Industries, bringing down the payment period of its offer of Pesos 12.25 billion ($221 million) from ten years to eight years, strengthened its possibility of completing the tender held for assets of National Steel Corporation (NSC). GIHL's offer includes Peso12.25 billion to be paid in eight years and a cash payment of Peso 1 billion ($18 million) in advance. Moreover, the company will spend another $25 million for the operations of the mill in two years. It is stated that, before NSC is granted to GIHL, creditor-banks in Philippines should approve the offer of GIHL. The creditor-banks are expected to announce their decision regarding GIHL's offer by latest January 15, 2004. In case, the offer is approved, the deal will be signed within two weeks. It is also reported that LNM officials will negotiate with creditor-banks, in case GIHL's offer is rejected.