Global Ferronickel Holdings Inc. (FNI) has initiated the sale of approximately 52 million treasury shares with the purpose of obtaining supplementary funds.
According to a disclosure to the Philippine Stock Exchange, FNI has announced that its board has approved the offering and sale of 51,897,858 treasury shares, which represent a one percent stake in the company.
“The treasury shares will be offered for sale starting April 28, 2023 and until the 51,897,858 shares are fully sold via the trading facilities of the Philippine Stock Exchange,” FNI said.
The company’s Articles of Incorporation indicate that there are no preemptive rights associated with the sale of treasury shares.
FNI confirmed that the generated funds from the sale of treasury shares will be utilized for general corporate purposes, and the transaction will result in an increase of one percent in the public float.
