On December 29, 2021, Global Ferronickel Holdings, Inc. (FNI) acquired an additional 24% stake or 1,000,000 shares of Seasia Nectar Port Services, Inc. (SNPSI) from Nectar Group Limited (NGL) for PhP192 million payable in cash. This investment increases FNI’s ownership from 40% to 64%.
FNI, formerly Southeast Asia Cement Holdings, Inc., is a holding company with primary business interests in mineral resource exploration and nickel ore mining and export. The company has three (3) main subsidiaries, namely: FNI Steel Landholdings Corporation (FSLC), Platinum Group Metals Corporation (PGMC), and FNI Steel Corporation (FSC).
SNPSI is a joint venture between Seasia Logistics Philippines, Inc. (SLPI) and NGL. SNPSI operates a dry bulk terminal in the Freeport Area of Bataan capable of handling shipments of coal, clinker, silica sand, cement raw materials, steel, fertilizer, and other dry bulk cargos.
The investment in SNPSI provides additional support to FNI’s planned USD50 million Bataan steel plant as it now has steady access to port services crucial for the importation of raw construction materials.