ABOITIZ Transport Systems Corp. has closed the sale of its 62.5% stake in several companies to Aboitiz Equity Ventures.
Aboitiz Transport told the Philippine Stock Exchange yesterday it had disposed of Aboitiz Jebsen Bulk Transport Corp., Aboitiz Jebsen Manpower Solutions, Inc., and Jebsen Maritime, Inc. for P355.9 million.
“Aboitiz Transport and Aboitiz Equity closed the sale of Aboitiz Transport’s 62.5% equity in Aboitiz Jebsen Bulk Transport Corp., Aboitiz Jebsen Manpower Solutions, Inc. and Jebsen Maritime, Inc. to Aboitiz Equity for a total price of P355.9 million. Also, Aboitiz Transport and Aboitiz & Co., Inc. closed the sale of Aboitiz Transport’s equity in Jebsen Management (BVI) Ltd. for P44 million,” the firm said in a disclosure.
Aboitiz Equity and the unlisted Aboitiz & Co. “will pay the full price on or before Jan. 12, 2011.”
Earlier this month, Aboitiz Equity sold Aboitiz Transport to investors led by Negros Navigation Co., Inc. (Nenaco) for $81.1 million. That transaction will be completed on or before Jan. 10, 2011 and will make Nenaco the country’s dominant shipping firm.
Aboitiz Equity had said the sale of its over 100-year-old unit would allow the holding firm to focus on power, food and banking businesses amid a shipping slump.
Aboitiz Equity and Aboitiz & Co. owned 77.24% and 15.96%, respectively, of the transport firm’s outstanding capital stock. The equity value covered all the logistics and shipping businesses of Aboitiz Transport except interests in joint ventures with the Jebsen Group of Norway.
