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Corporate News

Posted on 10:07 PM, December 29, 2010

LISTED ABOITIZ Transport System Corp. said major shareholders Aboitiz Equity Ventures, Inc. and Aboitiz Co., Inc., have completed the sale of their respective shareholdings to Negros Navigation Co., Inc.

In a disclosure to the Philippine Stock Exchange, Aboitiz Transport said the sale to Negros Navigation was consummated Tuesday “after the closing conditions for the sale were met.�

“The purchase price was P1.88 per share. Aboitiz Equity Ventures sold its entire shareholdings in Aboitiz Transport comprising of 1,889,489,607 common shares. The total purchase price was approximately P3.55 billion,� it said.

“Aboitiz Co., on the other hand, sold its entire shareholdings comprising of 390,322,384 common shares for approximately P734 million,� it added.

Aboitiz Equity Ventures’ and Aboitiz Co.’s shareholdings represented 77.24% and 15.96% respectively of the outstanding common shares of Aboitiz Transport. The equity value covered all the logistics and shipping businesses of Aboitiz Transport except interests in joint ventures with the Jebsen Group of Norway, which were acquired by Aboitiz Equity Ventures.

The company said Negros Navigation had secured approval from the Securities and Exchange Commission to proceed with the “crossing of the 2,279,811,991 common shares of Aboitiz Transport� in the stock exchange.

“This is provided that it will make a mandatory tender offer of the shares owned by the public. Aboitiz Equity Ventures was informed by Negros Navigation that it intends to initiate a tender offer for the Aboitiz Transport shares owned by the public immediately hereafter,� it said.

Meanwhile, in a separate disclosure, Aboitiz Transport bared the appointment of new directors and officers.

Aboitiz Transport said that in a special meeting on Tuesday, Jon Ramon M. Aboitiz, chairman of the board, directors Enrique M. Aboitiz, Jr., Mikel E. Aboitiz, Erramon I. Aboitiz, Bob D. Gothong, Justo A. Ortiz, Sabin M. Aboitiz, Washington Z. Sycip, and Emily A. Abrera handed over their resignations in connection with the sale.

Helen G. Tiu, corporate secretary and Catherine Atay, assistant corporate secretary, also resigned.

“To fill in the vacancies, the following were elected and appointed as new directors and officers of Aboitiz Transport: Sulficio O. Tagud, Jr. as interim chairman, president and chief executive officer, Jeremias E. Cruzabra as member, Raul C. Rabe as independent director, Mark E. Williams as member, William Moses as member, Michelle Lu as member, Amado R. Santiago III as corporate secretary and Manuel Eduardo C. Carlos as assistant corporate secretary,� it said.

“Enrique M. Aboitiz and Bob D. Gothong were re-elected and remain as the members of the board of the company,� it added.

Early this month, Aboitiz Equity Ventures announced the sale of Aboitiz Transport to investors led by Negros Navigation for $81.1 million.

Aboitiz Equity Ventures had said the sale of its over 100-year-old unit would allow the holding firm to focus on power, food and banking amid a shipping slump.

Shares in Aboitiz Transport closed at P1.80 apiece, higher than the P1.76 apiece on Tuesday, while shares in Aboitiz Equity Ventures closed at P37.35, lower than the P37.40 apiece on Tuesday — A. M. P. Dagcutan

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