The Global Ferronickel Holdings Inc. (GFNI) acquired a 40-percent stake in a Bataan port operator as part of its diversification plan.
According to a Manila Standard report, GFNI disclosed that it subscribed to 1.67 M worth of shares in Seasia Nectar Port Services Inc. (SNPSI).
“Our investment in SNPSI paves the way for the successful operations of our steel processing plant located in proximity to the terminal. 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,” said FNI President Dante Bravo in the report.
The terminal handles shipments of coal, clinker, silica sand, and cement raw materials, as well as steel, fertilizer, and other dry bulk cargoes.
In related news, GFNI seeks to build a $50 M rebar steel rolling in a bid to take advantage of the growing demand for steel as a result of the national government’s “Build, Build, Build” infrastructure program.
The facility will be jointly owned by GFNI and Huarong Asia Limited.
The steel manufacturing facility, to be completed over the next two years, is estimated to have an annual output of 600,000 tons of steel bars.
