Manila, Philippines / December 19, 2019. As part of its diversification plans, Global Ferronickel Holdings, Inc. (FNI) subscribed to 1.67 million shares in Seasia Nectar Port Services, Inc. (SNPSI) valued at P450M, which is equivalent to a 40-percent stake in SNPSI. SNPSI 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. “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 $50M 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.