CEBU-BASED Aboitiz Equity Ventures Inc. has agreed to sell its entire shareholdings in its listed transport firm to KGLI-NM Holdings Inc. for P5 billion, signaling its exit from the transport and logistics business.
KGLI-NM is a 60-40 joint venture between Negros Holdings and Management Inc., the holding firm of Negros Navigation Co. and Dutch company KGL Investments BV.
Aboitiz Equity told the stock exchange that it had accepted KGLI-NM’s unsolicited offer to buy out Aboitiz Transport System Corp., operator of the SuperFerry vessels and the Philippines’ largest passenger and cargo shipping firm.
Aboitiz Transport also operates an express delivery service and a cold storage chain.
KGLI-NM will acquire Aboitiz Equity’s 77.1 percent and Aboitiz and Co.’s 15.9- percent stake in Aboitiz Transport based on its equity value of P2.022 a share, or a total of P5 billion.
Aboitiz and Co. is the Aboitiz family’s private holding firm and is the largest shareholder in Aboitiz Equity.
If the deal goes ahead, KGLI-NM will make a tender offer for the shares owned by minorities at the same terms offered to Aboitiz Equity and Aboitiz and Co.
“Except for the joint venture business in ship management, manning and crew management, and bulk transport of the Aboitiz group with Jebsen Group of Norway, the planned acquisition will include all shipping and logistics businesses of [Aboitiz Transport System],” Aboitiz Equity said.
Aboitiz Transport started in business on May 26, 1949, when it put up William Lines Inc., a passenger and cargo shipping company based in Cebu.
In 1995 the company consolidated its resources and expertise with Carlos A. Gothong Lines Inc. and Aboitiz Shipping Corp., two other Cebu-based companies, and that gave rise to William, Gothong & Aboitiz Inc. or WG&A.
In 2002 the Aboitiz group acquired the combined holdings of the Chiongbian and Gothong Group and then changed its transport firm’s corporate name to Aboitiz Transport from WG&A.
Aboitiz Transport operates eight vessels and sails to 15 ports of call.
The company reported a net income of P16.8 million for the six months to June 2008, down from P366.6 million in the same period last year as a result of skyrocketing fuel prices.
But revenues rose 9 percent to P6 billion from P5.5 billion after freight receipts, the bulk of the company’s revenues, climbed 12 percent to P3.7 billion.
KGL Investments started investing in port and logistics businesses in the Philippines when it set up an air transport logistics complex in Clark Field, Pampanga.
Later, KGL Investments, through KGLI BV, invested in Negros Navigation by putting up KGLI-NM Holdings Inc.
Metro Pacific Investments Corp. had previously owned Negros Navigation before it decided to sell its 83.7-percent stake in the shipping firm to Negros Navigation Holdings, a company owned by the members of Negros Navigation’s present management, in 2006.
KGLI-NM is a 60-40 joint venture between Negros Holdings and Management Inc., the holding firm of Negros Navigation Co. and Dutch company KGL Investments BV.
Aboitiz Equity told the stock exchange that it had accepted KGLI-NM’s unsolicited offer to buy out Aboitiz Transport System Corp., operator of the SuperFerry vessels and the Philippines’ largest passenger and cargo shipping firm.
Aboitiz Transport also operates an express delivery service and a cold storage chain.
KGLI-NM will acquire Aboitiz Equity’s 77.1 percent and Aboitiz and Co.’s 15.9- percent stake in Aboitiz Transport based on its equity value of P2.022 a share, or a total of P5 billion.
Aboitiz and Co. is the Aboitiz family’s private holding firm and is the largest shareholder in Aboitiz Equity.
If the deal goes ahead, KGLI-NM will make a tender offer for the shares owned by minorities at the same terms offered to Aboitiz Equity and Aboitiz and Co.
“Except for the joint venture business in ship management, manning and crew management, and bulk transport of the Aboitiz group with Jebsen Group of Norway, the planned acquisition will include all shipping and logistics businesses of [Aboitiz Transport System],” Aboitiz Equity said.
Aboitiz Transport started in business on May 26, 1949, when it put up William Lines Inc., a passenger and cargo shipping company based in Cebu.
In 1995 the company consolidated its resources and expertise with Carlos A. Gothong Lines Inc. and Aboitiz Shipping Corp., two other Cebu-based companies, and that gave rise to William, Gothong & Aboitiz Inc. or WG&A.
In 2002 the Aboitiz group acquired the combined holdings of the Chiongbian and Gothong Group and then changed its transport firm’s corporate name to Aboitiz Transport from WG&A.
Aboitiz Transport operates eight vessels and sails to 15 ports of call.
The company reported a net income of P16.8 million for the six months to June 2008, down from P366.6 million in the same period last year as a result of skyrocketing fuel prices.
But revenues rose 9 percent to P6 billion from P5.5 billion after freight receipts, the bulk of the company’s revenues, climbed 12 percent to P3.7 billion.
KGL Investments started investing in port and logistics businesses in the Philippines when it set up an air transport logistics complex in Clark Field, Pampanga.
Later, KGL Investments, through KGLI BV, invested in Negros Navigation by putting up KGLI-NM Holdings Inc.
Metro Pacific Investments Corp. had previously owned Negros Navigation before it decided to sell its 83.7-percent stake in the shipping firm to Negros Navigation Holdings, a company owned by the members of Negros Navigation’s present management, in 2006.
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