Philippine miner: chair may be divested of shares if not Filipino

Philippine miner: chair may be divested of shares if not Filipino

The Philippine Nickel Industry Association (PNIA) has called for the immediate release of Joseph Sy, chairman of Global Ferronickel Holdings Inc., who was detained by the Bureau of Immigration (BI) [1]. Sy, a Filipino citizen, has been held on suspicion of being an alien, despite the BI's previous recognition of his citizenship. The PNIA has expressed concern over the violation of due process and the potential signal this sends to the business community.

Meanwhile, Lockheed Martin has delivered five more Black Hawk helicopters to the Philippine Air Force, further enhancing the country's defense capabilities [2]. This delivery underscores the ongoing modernization of the PAF and the strategic partnership between the United States and the Philippines.

The detention of Sy raises concerns about potential divestment of his shares in Global Ferronickel Holdings Inc. if his citizenship is not confirmed. This could have significant implications for the company's operations and investor confidence in the Philippine mining sector.

References:
[1] https://manilastandard.net/business/314634145/philippine-mining-group-urges-release-of-global-ferronickel-chairman-detained-by-bureau-of-immigration.html
[2] https://www.marketscreener.com/news/lockheed-martin-continues-to-support-philippine-air-force-with-delivery-of-five-more-black-hawk-heli-ce7c51ddda80f726