Global Ferronickel Holdings Inc. said Dec. 19 that it subscribed to 1.67 million shares, or a 40% stake, in Seasia Nectar Port Services Inc. for 450 million Philippine pesos.
SNPSI operates the first purpose-built dry bulk terminal in the Freeport Area of Bataan in Mariveles, in the Philippines.
The terminal handles shipments of coal, clinker, silica sand and cement raw materials, steel, fertilizer and other dry bulk cargoes.
The company also mentioned that it is investing US$50 million to build a rebar steel rolling plant in the country. The facility is estimated to have an annual output of 600,000 tons of steel bars.
As of Dec. 19, US$1 was equivalent to 50.65 Philippine pesos.