MANILA, Philippines- Owing to the tightening credit situation, the shipping company which was set to acquire the entire Aboitiz Transport Systems Corp from the Aboitiz group decided to defer the acquisition of the entire stake of the Super Ferry Lines.
In a statement to regulators, holding company Aboitiz Equity Ventures Inc. and Aboitiz & Co. Inc. said it accepted the offer of KGLI-NM Holdings Inc., a joint venture between Negros Navigation Inc. and Dutch company KGL Investment BV, to buy 42-percent stake in Aboitiz Transport for P1.89 billion. The 7 percent of the company is held by the public and will be subject to a tender offer.
KGLI-NM had originally wanted to immediately acquire Aboitiz Transport.
Stephen Paradis, AEV chief financial officer, said the holding company has given the option to KGLI-NM to acquire the rest of the stake anytime between May 1, 2009 to September 30, 2009 at the same price of P1.84 per share plus a premium of 9 ½ percent.
“Because of the global situation, KGLI-NM had a hard time in finding funding for the transaction," Paradis said in a telephone interview.
But he said KGLI-NM is still keen on buying the entire ATS.
AEV owns 1,889,489,607 common shares of ATS while ACO owns 390,322,384
common shares of ATS, representing 77.10 percent and 15.93 percent respectively of the total outstanding ATS capital stock. ACO is the private holding company of
the Aboitiz family and is AEV's largest shareholder.
KGL Investment initiated investments in port and port-related businesses and other logistics related businesses in the Philippines through the establishment of an air-transportation logistics complex in Clark Field, Pampanga, under an agreement signed with the Clark International Airport Corp. in April 2008.
In a statement to regulators, holding company Aboitiz Equity Ventures Inc. and Aboitiz & Co. Inc. said it accepted the offer of KGLI-NM Holdings Inc., a joint venture between Negros Navigation Inc. and Dutch company KGL Investment BV, to buy 42-percent stake in Aboitiz Transport for P1.89 billion. The 7 percent of the company is held by the public and will be subject to a tender offer.
KGLI-NM had originally wanted to immediately acquire Aboitiz Transport.
Stephen Paradis, AEV chief financial officer, said the holding company has given the option to KGLI-NM to acquire the rest of the stake anytime between May 1, 2009 to September 30, 2009 at the same price of P1.84 per share plus a premium of 9 ½ percent.
“Because of the global situation, KGLI-NM had a hard time in finding funding for the transaction," Paradis said in a telephone interview.
But he said KGLI-NM is still keen on buying the entire ATS.
AEV owns 1,889,489,607 common shares of ATS while ACO owns 390,322,384
common shares of ATS, representing 77.10 percent and 15.93 percent respectively of the total outstanding ATS capital stock. ACO is the private holding company of
the Aboitiz family and is AEV's largest shareholder.
KGL Investment initiated investments in port and port-related businesses and other logistics related businesses in the Philippines through the establishment of an air-transportation logistics complex in Clark Field, Pampanga, under an agreement signed with the Clark International Airport Corp. in April 2008.
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