National Steel sale is likely to be completed in October

National Steel sale is likely to be completed in October

According to recent news in the market, Land Bank of the Philippines (Landbank) has recently announced that the long-delayed sale of National Steel Corp (NSC) to Global Infrastructure Holdings Ltd (GIHL) is likely to be finalized in October. Landbank stated that as the asset purchase agreement has been signed between the parties, the sale will be materialized faster. As previously reported by SteelOrbis, GIHL had bid for NSC and the bid was approved in January 2004, however the sale has been delayed due to problems regarding the terms of the agreement. GIHL's bid includes PhP (Philippine Peso) 12.25 billion ($217 million) to be paid in eight years and a cash payment of Peso 1 billion ($17.7 million).