The Aboitiz Group is getting out of the shipping and logistics business to train its sights on a more promising power generation and financial services. Its board of directors voted unanimously to accept an unsolicited offer from KGLI-NM Holdings to purchase Aboitiz Equity Ventures' 77.1% shares and Aboitiz & Company's 15.93% shares in Aboitiz Transport System Corporation.
The deal is estimated at Php5-billion initially, but the final amount would be determined after the due diligence audit which will be conducted by KGLI-NM.
The acquisition will include all of Aboitiz Transport's shipping and logistics business lines that include Superferry, Supercat, 2GO, and MCC Transport Philippines.
It was the shipping business that started to build the Aboitiz empire. The business started in 1907 with one ship called "Picket" that transported hemp across the archipelago.
In a conference call with the press, the Aboitiz holding firm's executive vice-president and chief operating officer Erramon Aboitiz, discloses:
"We have been in the transport business for over 100 years. It was a very hard decision. But we are businessmen. Sometimes, we have to make choices on where to put our money."
Aboitiz Transport's stock price yesterday went up by almost 40% to close at Php1.90 per share.
Posts
1 comment:
Hey there outstanding blog! Does running a blog like this require a large amount of work?
I've virtually no knowledge of computer programming but I had been hoping to start my own blog soon. Anyways, if you have any suggestions or
tips for new blog owners please share. I understand this is off topic but I simply wanted to ask.
Kudos!
my blog ... cerveau collectif
Post a Comment