Global Ferronickel Holdings Inc. (FNI) said it is acquiring a 40-percent stake in Mariveles port terminal operator Seasia Nectar Port Services Inc. (SNPSI).
Part of its diversification plans, the transaction is worth P450 million, the company said.
SNPSI operates the first purpose-built Dry Bulk Terminal located in the Freeport Area of Bataan in Mariveles.
The terminal handles shipments of coal, clinker, silica sand and cement raw materials, as well as steel, fertilizer and other dry bulk cargoes.
“Our investment in SNPSI paves the way for the successful operations of our steel processing plant located in proximity to the terminal. 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,” said Dante Bravo, FNI president.
FNI earlier announced that it is investing $50 million to build a rebar steel rolling plant to take advantage of the growing demand for steel brought about by government’s Build, Build, Build program. The facility is estimated to have an annual output of 600,000 tons of steel bars.