Global Ferronickel Holdings Inc. (FNI) has raised more than P129 million by selling its treasury shares.
According to FNI’s disclosure to the Philippine Stock Exchange (PSE), the company sold 51,897,858 common shares at a market price of P2.50 each, resulting in a total of P129.74 million.
Last April 27, FNI’s board approved the sale of these treasury shares, which equated to 1% of its outstanding shares.
The percentage of shares available for public trading, known as the free float level, is presently 55.18%, which significantly exceeds the minimum public float requirement of 20%.
The sale began the following day through the Philippine Stock Exchange Inc. and its trading facilities, and all of the shares were sold on the same day.
According to FNI, the purpose of the treasury shares program was to raise funds for general corporate purposes.
As per the company’s Articles of Incorporation, there were no provisions for preemptive rights related to the sale of treasury shares.
Previously, FNI expressed its commitment to preserving its standing as one of the primary producers of nickel ore in the Philippines and contributing to the growth of the local mining sector.
