Listed nickel miner Global Ferronickel Holdings Inc. said Wednesday its directors approved the acquisition of an additional 24 percent shareholding in Mariveles Harbor Corp.
FNI said it will purchase the 24 percent stake from Sea Logistics Philippines Inc. “at an indicative price of around P192 million.” It said no regulatory approval is needed to complete the deal although some terms and conditions will have to be fulfilled.
The amount will be paid on March 10.
With the acquisition, FNI will own a controlling 88 percent of Mariveles Harbor, a strategic part of the nickel miner’s plan to put up a steel plant.
