Bilyonaryo - Business

Global Ferronickel hikes stake in Bataan port operator

February 8, 2023

Bilyonaryo.com

Global Ferronickel Holdings (FNI) is raising its stake in a Bataan port operator.

In a stock exchange filing, FNI said it was acquiring an additional 24 percent stake in Seasia Logistics Philippines Inc. in Mariveles Harbor Corp. (MHC), formerly Seasia Nectar Port Services Inc., (SNPSI) for P192 million.

The acquisition will increase FNI’s ownership in MHC to 88 percent.

“This will give FNI more control on the operation of the port,” the lcompany said.

FNI expects to complete the transaction on or before March 10, 2023.

The company initially acquired a 40-percent stake in SNPSI in 2019. It bought an additional 24 percent stake in 2021.

MHC operates the first purpose-built dry bulk terminal located within the Bataan Freeport Area 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.

Related News Tags: Bataan port operator, Global Ferronickel, Global Ferronickel Holdings

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