CEBU CITY—With the impending sale of Aboitiz Transport System (ATS)
to a Kuwaiti group, one of the Philippines’ most
colorful families will part with the business that
started their empire.
Aboitiz family just celebrated the 101st year of Aboitiz
Transport this year, a century after the family
patriarch Don Ramon Aboitiz bought the fleet’s first
ship, the Picket, in 1907 to transport abaca (manila
hemp) from Cebu to Eastern Visayas.
honest—we just celebrated 100 years for the company and
it was a very hard decision,” Aboitiz Equity Ventures (AEV)
chief operating officer Erramon Aboitiz said shortly
after the board accepted an offer from KGLI-NM Holdings
selling the AEV shares in Aboitiz Transport, the Aboitiz
family through holding firm Aboitiz and Co., is also
selling all its stake in the shipping industry.
with the purchase are eight SuperFerries and CebuFerries
ships and two cargo ships in MCC Transport, the
company’s two fast crafts under SuperCat and logistics
said the family is happy that the company it had built
will be turned over to good hands.
rising fuel costs and stiff competition from low budget
airlines, Aboitiz managed to streamline the operations
of its fleet, increasing volume cargo vis-à-vis
passengers, while investing in more fuel-efficient
first half of 2008, however, the transport group posted
a net income of P19 million, amid fuel prices and
all—which was still modest despite a 94- percent decline
from last year’s P284-million revenue.
consolidated revenues of the transport reached P6
billion in the first six months of the year, pushed by
its freight services which amounted to P3.7 billion.
costs, however, contributed to a 15-percent increase in
the company’s total expenses.
a very serious buyer and we think they will be a very
good candidate. We are leaving Aboitiz Transport in the
good hands of a foreign investor who is serious about
investing in the Philippines,” Aboitiz said on Tuesday,
right after the announcement of the family’s decision to
said the Aboitiz Group will be fully committed in the
transition to the new management, while assuring
employees and management of ATS that their interests
will be taken care of.
expected P5-billion proceeds from the deal, Aboitiz
said, will be invested in other interests of the company
including power and its banking arm Union Bank.
is an opportunity where we will be much involved in,” he