Global Ferronickel approves property dividend
Global Ferronickel Holdings Inc. has approved a property dividend in the form of listed treasury shares.
Shareholders are entitled to one treasury share for every 17 FNI shares held as of April 2.
FNI president Dante R. Bravo said the “property dividend demonstrates the commitment of the company’s board of directors and management to enhance shareholder value and reward long- term shareholders with an option for long-term capital appreciation or cash if they chose to sell the stock.”
“ It reflects our confidence in the strength of the company’s future prospects,” he added.
Bravo said the company, which has adequate cash flow, would also continue to implement our its share buyback program.
As of Dec. 31 last year, FNI repurchased a total of 368.9 million shares for a total cost of P982.3 million or an average price of P2.66 per share.