By JAMES A. LOYOLA
Global Ferronickel Holdings, Inc. (FNI) is investing ₱450 million for a 40 percent stake in Seasia Nectar Port Services, Inc. (SNPSI) as part of its diversification plan.
In a disclosure to the Philippine Stock Exchange, FNI said it subscribed to 1.67 million shares in SNPSI which operates the first purpose-built Dry Bulk Terminal located within 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.
SNPSI started out as a joint venture company among Seasia Logistics Philippines, Inc., Nectar Group Ltd., and Web Technologies, Inc.
“Our investment in SNPSI paves the way for the successful operations of our steel processing plant located in proximity to the terminal,” said Atty. Dante R. Bravo, president of FNI.
He added that, “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.”
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.
FNI, the second largest nickel ore exporter in the Philippines, reported that its net income jumped 35 percent to ₱804.95 million in the first nine months of the year from ₱595.43 million in the same period last year due to higher prices.