GLOBAL Ferronickel Holdings, Inc. (FNI), the second largest nickel producer in the country and the largest single lateritic mine exporter in the world, announced on Monday that its shareholders have approved a reverse stock split of its common stock at a ratio of one-for-three to reduce the number of total issued and outstanding shares.
In a statement, FNI president Atty. Dante Bravo said that under the reverse stock split, the company’s par value shall be changed from P0.35 per share to P1.05 per share.
“Article Seventh of the Amended Articles of Incorporation of the Corporation shall be amended to reflect the new authorized capital of P12,555,020,001.30 and said capital stock is divided into 11,957,161,906 common shares with a par value of P1.05 per share,” Bravo said.
As a result, the company’s authorized capital of 35,871,428,572 common shares at a par value of P0.35 shall be reduced to 11,957,161,906 shares with the new par value of P1.05 per share.
“The move brings the value of our stock to a level more appropriate to the mining industry,” the executive added.
FNI earlier said its mine operations in Surigao del Norte remain on track to end the 2016 mining season on a high note after not being included in the list of suspended mines.
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 may continue its mining activities.
The company has also been granted ISO 14001:2015 Environment Management Systems Certification for its operations in Surigao del Norte, while its Palawan-based affiliate, Ipilan Nickel Corporation (INC), is scheduled to become operational in early 2017.
“We are delighted that our efforts in environmental and social compliance are being recognized. Rest assured that our programs for the betterment of the community in which we operate shall continue to grow from strength to strength,” the company said.