Joseph Sy buys P338M FNI shares on last trading day of 2020

Global Ferronickel Holdings (stock symbol FNI) accumulated a big chunk of its shares just before the final closing bell in 2020.

FNI acquired P338 million worth of shares on December 29 or just a week after its chair, Joseph Sy, and the board approved the buyback of an additional an additional five percent of the company’s outstanding shares.

FNI bought 128 million shares at P2.64 to P2.65. The purchase reduced the FNI’s public’s float by 2.3 percent to 5.337 billion shares.

FNI has repurchased a total P2.047 billion shares over the last three years at an average price of P2.37.

FNI closed at P3.13 Friday, 590 percent up its 52-week low of 45.5 centavos.

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