Remarks C06389-2016

SECURITIES AND EXCHANGE COMMISSIONSEC FORM 17-C

CURRENT REPORT UNDER SECTION 17
OF THE SECURITIES REGULATION CODE
AND SRC RULE 17.2(c) THEREUNDER

1. Date of Report (Date of earliest event reported)
Nov 11, 2016
2. SEC Identification Number
ASO94-03992
3. BIR Tax Identification No.
003-871-592
4. Exact name of issuer as specified in its charter
Global Ferronickel Holdings, Inc.
5. Province, country or other jurisdiction of incorporation
Makati, Philippines
6. Industry Classification Code(SEC Use Only)
7. Address of principal office
7F Corporate Business Center, 151 Paseo de Roxas cor. Arnaiz St. Makati City Postal Code 1228
8. Issuer's telephone number, including area code
(02) 519 7888
9. Former name or former address, if changed since last report
Southeast Asia Cement Holdings, Inc.
10. Securities registered pursuant to Sections 8 and 12 of the SRC or Sections 4 and 8 of the RSA
Title of Each Class Number of Shares of Common Stock Outstanding and Amount of Debt Outstanding
common shares 17,467,007,052
11. Indicate the item numbers reported herein
Item 9

The Exchange does not warrant and holds no responsibility for the veracity of the facts and representations contained in all corporate disclosures, including financial reports. All data contained herein are prepared and submitted by the disclosing party to the Exchange, and are disseminated solely for purposes of information. Any questions on the data contained herein should be addressed directly to the Corporate Information Officer of the disclosing party.

Global Ferronickel Holdings, Inc.FNIStock Symbol

PSE Disclosure Form 4-12 - Change in Par Value References: SRC Rule 17 (SEC Form 17-C) and
Section 4.4 of the Revised Disclosure Rules

Subject of the Disclosure

The Securities and Exchange Commission approved the change in par value of capital stock to P1.05/share
Background/Description of the Disclosure

The Securities and Exchange Commission approved the amendment of the Articles of Incorporation to increase the authorized capital stock of FNI to PhP12,555,020,001.30 divided into 11,957,161,906 common shares with an increased par value of PhP1.05/share
Date of Approval by
Board of Directors		 Aug 22, 2016
Date of Approval by
Stockholders		 Oct 3, 2016
Date of Approval by
Securities and Exchange Commission		 Nov 7, 2016
Previous Par Value P0.35
New Par Value P1.05
Rationale for the change in par value of the Issuer's shares

To reduce the company’s total issued and outstanding shares to a level more appropriate to the industry.

Effects on Capital Structure

Issued Shares
Type of Security /Stock Symbol Before After
common/FNI 17,467,014,310 5,822,357,151
Outstanding Shares
Type of Security /Stock Symbol Before After
common/FNI 17,451,007,052 5,817,021,398
Treasury Shares
Type of Security /Stock Symbol Before After
common/FNI 16,007,258 5,335,752
Listed Shares
Type of Security /Stock Symbol Before After
common/FNI 7,003,920,938 2,334,640,312

Procedure(s) for updating stock certificates

Details of Stock Transfer Agent
Name Stock and Transfer Services, Inc.
Address 6784 Ayala Avenue, Makati City
Contact Person Richard Regala
Inclusive dates when the old stock certificates can be replaced
Start Date Feb 1, 2017
End Date TBA
Documentary requirements
Individual Shareholders

Procedure to change stock certificates:
1. Submit a Letter Request to change the stock certificate;
2. Surrender your old stock certificates at the office of Global Ferronickel Holdings, Inc.'s transfer agent at the following address:
STOCK TRANSFER SERVICE, INC.
34th Floor, Rufino Pacific Tower
6784 Ayala Avenue, Makati City
Telephone Nos. 403-2412 & 403-2410
Contact Person: Mr. Richard Regala
3. Submit photocopies of two (2) valid identification cards, one of which must be government issued, with the photograph and specimen signature of the stockholder;
4. The new stock certificate(s) may be released to you or your authorized representative upon presentation by the authorized representative of his/her identification card with photograph thereon, submission of photocopies of two (2) valid identification cards, one of which must be government-issued, and an original-signed authorization letter from you.
Corporate Shareholders

In case of a corporate stockholder, a photocopy of the Articles of Incorporation and By-laws, the latest General Information Sheet, and a Secretary's Certificate naming the authorized representative(s) of the corporate stockholder with the corresponding specimen signature appearing thereon, must be submitted together with a photocopy of each authorized representative's valid identification cards.
Date of availability of new stock certificates Feb 1, 2017
Procedures in case of lost stock certificates

Procedure prescribed under Section 73 of the Corporation Code of the Philippines must be complied.
Other Relevant Information

Amendments made:
1. Issued Shares (After) include the 19,048 common shares subscribed by Joseph Sy pursuant to the increase in the authorized capital stock.
2. Outstanding Shares (After) include the 19,048 common shares subscribed by Joseph Sy pursuant to the increase in the authorized capital stock.
3. Other Relevant Information to state the guidelines on the implementation of the reverse stock split.

The following are the guidelines for the implementation of the reverse stock split:
a. As a result of the reverse stock split, each three (3) shares of issued and outstanding common stock will be automatically converted into one (1) newly issued and outstanding share of common stock. This will proportionately reduce the number of issued and outstanding shares of the Company’s common stock from 17,467,014,310 to 5,822,338,103.33 and par value from PhP0.35 to PhP1.05 per share each.

b. Proportionate voting rights and other rights of the stockholders will not be affected by the reverse stock split, other than the treatment of fractional shares. No fractional shares will be issued in connection with the reverse stock split; instead holders of fractional shares will be paid out in cash for any fractional interests based on the closing price of the common share on the effective date of the reverse stock split.

c. Shareholders holding shares in scripless form do not need to take any action in connection with the reverse stock split, and will see the impact of the reverse split automatically reflected in their accounts following the effective date. Stockholders holding their shares in certificated form will receive a letter of instruction from the stock and transfer agent shortly after the effective date.
Filed on behalf by:
Name Eveart Grace Pomarin-Claro
Designation Assistant Corporate Secretary and Alternate CIO