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Manila Bulletin devider Business devider FNI raises stake in Mariveles port to 88%

FNI raises stake in Mariveles port to 88%

Published Feb 8, 2023 02:59 pm

Global Ferronickel Holdings Inc. (FNI) is investing P192 million more to acquire an additional 24 percent shareholding in Mariveles Harbor Corporation (MHC) by March 10, 2023.

In a disclosure to the Philippine Stock Exchange, FNI said that, after acquiring the additional stake from Seasia Logistics Philippines, Inc., it will own 88 percent of MHC. This will give FNI more control on the operation of the port.

In Dec. 2021, FNI also spent P192 million to buy a 24 percent stake in MHC to increase its interest in the Mariveles port operator to 64 percent. This is part of FNI’s plan to develop a $50 million steel manufacturing plant in Bataan province.

Prior to this, in 2019, FNI first invested in the port as a minority shareholder by acquiring a 40 percent stake for P450 million.

“Our investment in (MHC) paves the way for the successful operations of our steel processing plant located in proximity to the terminal,” FNI President Dante Bravo had said. Back then, MHC was still called Seasia Nectar Port Services Inc. (SNPSI).

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.”

SNPSI started commercial operations in 2016 as a joint venture among Seasia Logistics Philippines Inc., Nectar Group Ltd. and Web Technologies Inc.

It operates the first purpose-built dry bulk terminal within the Freeport Area of Bataan in Mariveles. The terminal handles shipments of coal, clinker, silica sand and cement raw materials, steel, fertilizer and other dry bulk cargoes.

FNI earlier reported plans to build a rebar steel rolling plant in Bataan to take advantage of the increased demand for steel amid an infrastructure boom. The plant will have an annual output of 60,000 tons.

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