Business World
LISTED holding firm Aboitiz Equity Ventures, Inc. will sell its stake in transport unit Aboitiz Transport Systems Corp., the company told the local bourse on Wednesday.
"At a special meeting today, Dec. 1, the Board of Directors of Aboitiz Equity Ventures voted unanimously to accept the offer of Negros Navigation Co., Inc. (NENACO) to buy its shareholdings in its transport subsidiary," the company said in a disclosure.
NENACO offered to buy shares of Aboitiz Equity and major shareholder Aboitiz & Company, Inc. in the transport unit at an equity value of $105 million or $0.043 per share.
The equity value covers all the logistics and shipping businesses of Aboitiz Transport, except interest in its joint venture companies with the Jebsen Group of Norway.
"Abotiz Equity will acquire prior to closing the 62.5% equity stake of Aboitiz Transport in the ship management, manning and crew management, and bulk transport businesses of the Aboitiz Jebsen group for approximately P355.91 million," the holding firm said.
Furthermore, Aboitiz & Co. will buy 50% of Aboitiz Transport's equity stake in Aboitiz Jebsen’s chartering business for P44 million pesos.
"If the buyout is consummated, Aboitiz Equity expects to receive approximately $81.1 million in its Philippine peso equivalent to be computed using a value spot exchange rate to be determined two business days prior to the closing date," the company said.
"The buyout is expected to close on or before January 10, 2011," it added.
Aboitiz Equity and Aboitiz & Co. own 77.24% and 15.96% of the total outstanding capital stock of the transport firm, respectively. --Neil Jerome C. Morales
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