Aboitiz family completes ATS divestment for P4.28 billion

MANILA, Philippines - The Aboitiz family has completed the divestment of its entire shareholdings in Aboitiz Transport System Corp. (ATS) to Negros Navigation Co. Inc. (Nenaco) for P4.28 billion.

In a disclosure to the Philippine Stock Exchange, Aboitiz Equity Ventures Inc., the listed investment holding firm of the Cebu-based Aboitiz clan, said it has sold a total of 1.889 million ATS shares to Nenaco for P1.8813 per share, for a total of P3.55 billion.

Another unit, Aboitiz & Co. (ACO), sold 390.32 million ATS common shares for approximately P734 million.

AEV’s and ACO’s shareholdings in ATS represented 77.24 percent and 15.96 percent, respectively of the outstanding common shares of ATS.

Nenaco previously secured approval from the Securities and Exchange Commission to proceed with the crossing of the 2,279 million ATS common shares provided that it will make a mandatory tender offer of the shares owned by the public.

Nenaco will fund the purchase with equity investments from China-Asean Marine BV, a Netherlands-incorporated company and a wholly owned subsidiary of China-Asean Investment Cooperation Fund (CAF), a private equity fund sponsored by China Export-Import Bank.

Under the agreement, Nenaco will purchase all of the Aboitiz family’s interests in ATS, except its interests, it coowns with the Jebsen Group of Norway.

ATS is the only total and integrated transport and logistic solutions provider in the country. Its principal business units are engaged in the movement of people (SuperFerry) and the movement of cargoes (2Go).