FNI acquires 88% of MHC; unit seeks permit

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Global Ferronickels Inc. (FNI) acquired an 88 percent stake in Mariveles Harbor Corp. (MHC) for P192 million.

In a disclosure to the Philippine Stock Exchange last week, the company said a deed of absolute sale of shares was executed to transfer 1,000,000 MHC common shares from Seasia Logistics Philippines Inc. to FNI for the latter to have significant control over the operations of the port.

Meanwhile, FNI subsidiary, Ipilan Nickel Corp. (INC), filed a complaint with the Anti-Red Tape Authority (ARTA) against officials of the municipality of Brooke’s Point in Palawan for what it calls as “excessive demands and intentional delays” in the renewal of the company’s 2023 business permit.

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In a statement, FNI said INC has yet be issued the certification and the business permit almost two months since it submitted the complete and necessary documents for business permit renewal.

FNI said it submitted last January 10 complete an accomplished business permit renewal form, certificate of gross revenue for 2022, Barangay Maasin Brooke’s Point Clearance and paid a mandated P10.74 million for ecosystem services.

However, the company said the local government units asked for another set of documentary requirements, including the latest endorsements from various offices and clearances from which INC is exempt.

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