NICKEL ore producer Global Ferronickel Holdings, Inc. (FNI) has acquired an additional 24% shares in its unit Mariveles Harbor Corp. (MHC), it announced on Wednesday.
In a statement, FNI said its board of directors had authorized the acquisition of more shares “to have more control over the operations of the port.”
In 2019, the parent firm acquired a 40% stake in MHC or 1.67 million shares for P450 million for easier access to port services.
The latest acquisition brings the listed firm’s share in the port operator increased to 64.03%.
MHC, formerly known as Seasia Nectar Port Services, Inc., operates shipments of dry bulk cargoes such as coal, clinker, silica sand, cement raw materials, steel, and fertilizer.
In October, FNI acquired a 20% stake in China-based ore processor Guangdong Century Tsingshan Nickel Industry Co., Ltd. to boost their synergy and profitability.
FNI is a holding firm with business interests in nickel ore mining, logistics, cement and steel production, and port operations.
On Wednesday, shares in the company rose by 1.17% or 3 centavos to close at P2.59 each. — Sheldeen Joy Talavera
