FNI cuts follow on offer size by half to P1B
Nickel mining firm Global Ferronickel Holdings Inc. (FNI) has scaled down the size of its follow-on offering to P1 billion from P2 billion.
In an updated filing with the Philippine Stock Exchange, FNI said it filed filed an amended registration statement reducing the offer price to up to P4 each share from P8.10 apiece.
FNI is selling around 250 million shares, of which 200 will be issued to overseas invests while the balance will go to domestic investors.
Proceeds fromthe offering will be used to pay down debt and for working capital requirements.
The offering was originally planned for 2014 but got sidetracked due to weak prices of metal.
FNI is the second largest nickel ore producer in the country in terms of shipment volume. It is also the largest single lateritic mine exporter in the world.
Owned by the Platinum Group Metals Corp., FNI has 4,376 hectares of reserves in its mine in Cagdiniao in Surigao del Norte.