ATI to wrap up P2.15-B deal with SMC
May 29, 2003 | 12:00am
Port operator Asian Terminals Inc. (ATI) expects to wrap up negotiations with food and beverage giant San Miguel Corp. (SMC) for the acquisition by the latter of the Mariveles grain terminal within the next three to four months.
ATI executive chairman and president Richard Barclay said the company is still in talks with SMC for the sale of the grains terminal in Bataan.
"Talks are continuing. So I cant say too much. But theres still interest on both sides. We may have news in three to four months," Barclay said.
Located at the mouth of Manila Bay, ATIs Mariveles grain terminal is considered to be the countrys most modern bulk grains handler and one of the best of its kind in Asia.
SMC has offered to buy the Mariveles grain terminal for P2.15 billion. The deal forms part of the companys plan to develop its logistics network to improve its agribusiness operations and cut distribution costs.
The terminal, which started operations in 1996, has an average depth of 14.5 meters alongside its Panamax berth and a discharge rate of more than 8,000 tons per day.
The terminal will be used by SMC to handle most of the countrys imports of raw materials which include corn, cassava and possibly sugar for its agribusiness use.
Barclay said the proceeds from the sale of the Mariveles grain terminal will be used to finance the companys ongoing modernization program in the South Harbor.
ATI is the sole operator of the South Harbor and renders cargo handling services for the countrys import and export cargoes. South Harbor is the countrys largest port with an area of 85 hectares of land and 600 hectares of total anchorage.
The company currently operates various international ports in the country: the container terminal, general stevedoring terminal and the new Eva Macapagal Super Terminal at the South Harbor, Port of Manila; the Port of Batangas, which has terminals for both cargo and passenger ferries; and the Port of Gen. Santos City in Mindanao.
ATI executive chairman and president Richard Barclay said the company is still in talks with SMC for the sale of the grains terminal in Bataan.
"Talks are continuing. So I cant say too much. But theres still interest on both sides. We may have news in three to four months," Barclay said.
Located at the mouth of Manila Bay, ATIs Mariveles grain terminal is considered to be the countrys most modern bulk grains handler and one of the best of its kind in Asia.
SMC has offered to buy the Mariveles grain terminal for P2.15 billion. The deal forms part of the companys plan to develop its logistics network to improve its agribusiness operations and cut distribution costs.
The terminal, which started operations in 1996, has an average depth of 14.5 meters alongside its Panamax berth and a discharge rate of more than 8,000 tons per day.
The terminal will be used by SMC to handle most of the countrys imports of raw materials which include corn, cassava and possibly sugar for its agribusiness use.
Barclay said the proceeds from the sale of the Mariveles grain terminal will be used to finance the companys ongoing modernization program in the South Harbor.
ATI is the sole operator of the South Harbor and renders cargo handling services for the countrys import and export cargoes. South Harbor is the countrys largest port with an area of 85 hectares of land and 600 hectares of total anchorage.
The company currently operates various international ports in the country: the container terminal, general stevedoring terminal and the new Eva Macapagal Super Terminal at the South Harbor, Port of Manila; the Port of Batangas, which has terminals for both cargo and passenger ferries; and the Port of Gen. Santos City in Mindanao.
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