Makati—(PHStocks)—Global Ferronickel Holdings Inc. (PSE: FNI), the second largest nickel producer in the country and the largest single lateritic mine exporter in the world, has announced that shareholders during the Special Stockholders’ Meeting approved the reverse stock split of its common stock at a ratio of 1-for-3 to reduce the total issued and outstanding shares.
The company’s par value shall be changed from PhP0.35 per share to PhP1.05 per share and the authorized capital of PhP12,555,000,000.20 be increased to PhP12,555,020,001.30. As a result, the company’s authorized capital of 35,871,428,572 common shares at a par value of PhP0.35 shall be reduced to 11,957,161,906 shares with increased par value of PhP1.05 per share.
Article Seventh of the Amended Articles of Incorporation of the Corporation shall be amended to reflect the new authorized capital of PhP12,555,020,001.30 and said capital stock is divided into 11,957,161,906 common shares with a par value of Php1.05 per share each.
“The move brings the value of our stock to a level more appropriate to the mining industry,” said Atty. Dante R. Bravo, president of FNI.
After a review of the tenement, mine environmental management, safety and health programs and social development projects of Platinum Group Metals Corporation (PGMC), FNI’s operating arm in Cagdianao, Surigao del Norte, the Department of Environment and Natural Resources (DENR) announced that PGMC is allowed to continue its mining activities without suspension. The Company has also been granted ISO 14001:2015 Environment Management Systems Certification for its operations in Surigao. While its Palawan-based affiliate, Ipilan Nickel Corp. (INC), is scheduled to be operational in early 2017.