GLOBAL Ferronickel Holdings, Inc. (GFNI) said it acquired a 40% stake in Seasia Nectar Port Services, Inc. (SNPSI) in order to improve the miner’s port access, particularly for its new steel plant.
The 1.67 million shares in SNPSI are valued at P450 million, GNFI said in a statement on Friday.
SNPSI operates a dry bulk terminal handling coal, clinker, silica sand, cement raw materials, steel, fertilizer, and other dry bulk cargoes at the freeport area of Bataan in Mariveles.
“Our investment in SNPSI paves the way for the successful operations of our steel processing plant located in proximity to the terminal,” GFNI president Dante R. Bravo said.
“It helps ensure we have easy and steady access to port services given that FNI Steel relies heavily on the importation of raw materials especially during this period of construction.”
SNPSI is a joint venture company of Seasia Logistics Philippines, Inc., Nectar Group Ltd., and Web Technologies Inc.
GFNI, the country’s second-largest nickel ore producer, is building a $50 million rebar steel rolling plant, which is expected to be operational by 2021.
The plant is a joint venture project with Hong Kong-based Huarong Asia Ltd.
GFNI closed at P1.70 Friday, up 9 centavos or 5.6%. — Jenina P. Ibañez