Global Ferronickel Holdings Inc. (FNI) will acquire an additional 24 percent in Seasia Nectar Port Services Inc. (SNPSI) for estimate P192 million.
The will bring to 64 percent FNI’s stake in SNPSI which it will turn into a subsidiary.
In a disclosure to the Philippine Stock Exchange, FNI said the transaction is expected to be completed before yearend.
FNI also said that no regulatory approval is needed for the acquisition to be secured.
FNI’s acquisition of SNPSI will ensure an easy and steady access to port services as raw materials for its planned $50 million rebar steel rolling plant in Bataan.
For the first nine months of the year, FNI recorded a 19.4 percent increase in its net income to P1.86 billion from the previous year’s P1.56 billion. Revenues surged by 15.3 percent to P6.41 billion from P5.55 billion due to higher prices of nickel ore. – Jed Macapagal
