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Corporate News

Posted on 10:53 AM, December 29, 2010

Breaking News ( Updated as of 10:50 AM )

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 at 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. — Aura Marie P. Dagcutan

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