PTC buys major stake in Abojeb Group
MANILA, Philippines - PTC Holdings Corp. has acquired a 45 percent interest in the AboJeb Group composed of Aboitiz Jebsen Co., Inc.; Jebsens Maritime, Inc., and Aboitiz Jebsen Manpower Solutions, Inc.
This strategic investment by PTC, one of the largest crew management companies in the Philippines, came on the heels of its 35th year anniversary, signaling its continued confidence in and commitment to the growth and significance of the Philippine maritime sector and all its related fields, in spite of the many challenges the industry faces today.
At the signing ceremony held last Feb. 12 at the Aboitiz Equity Ventures headquarters, AboJeb chairman Bjorn Jebsen said: “We have made a strategic decision to expand our business.†With the entry of PTC as Abojeb’s new shareholder, there is great potential to “develop and grow the manpower business both here in the Philippines and internationally.â€
While PTC and AboJeb will continue to operate as separate companies, areas for close cooperation and synergy will be explored. Abojeb vice chairman Endika Aboitiz expressed his confidence in the new ownership structure adding that “this partnership has every ingredient for growth and success.â€
PTC Holdings CEO Gerardo Borromeo said “this initiative sets the groundwork for further expanding PTC’s footprint globally through new and exciting joint venture opportunities. It brings together the strength the Aboitiz and Jebsen legacy and PTC’s shipping heritage and industry leadership, providing further dynamism to the development of the Philippine maritime industry..â€
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