SANTIAGO, Aug 24 (Reuters) – A Chilean firm with a big stake in lithium miner SQM SQMA.SN stated on Tuesday it will public sale 2.5 million B-series shares it holds within the agency, in line with a submitting with the nation’s monetary regulator.
The corporate, Pampa Calichera, managed by influential SQM shareholder Julio Ponce, stated the item of the share sale was “to strengthen the capital construction” of the corporate. The sale of B-series inventory is not going to impression Ponce’s proper to nominate SQM board members.
The world’s No. 2 lithium producer earlier this yr raised $1.1 billion to assist underwrite an enlargement in Chile and a brand new venture in Australia as demand for the steel utilized in electrical automobile batteries soars.
Ponce, former son-in-law of Chilean dictator Augusto Pinochet, purchased into SQM throughout its privatization within the 1980s and has retained a considerable stake within the firm ever since.
The Chilean billionaire has acquired a number of gives to buy his shares within the firm through the years.
Brazilian non-public fairness agency IG4 Capital earlier in 2021 supplied $916 million to purchase into Ponce’s holding corporations with the aim of simplifying SQM’s advanced possession construction, sources instructed Reuters. A consultant for Ponce stated in April that he had rejected the supply.
(Reporting by Dave Sherwood; Modifying by Dan Grebler)
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