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Aboitiz Transport, cargo handler merger approved

By Paolo Montecillo
Philippine Daily Inquirer
First Posted 22:19:00 08/19/2010

Filed Under: Company Information, Waterway & Maritime Transport, Economy and Business and Finance

LISTED ABOITIZ Transport Systems Corp. (ATS) has been given the green light to fold in another subsidiary as part of the parent firm?s ongoing efforts to cut costs amid rising expenses.

In a disclosure, ATS said the Securities and Exchange Commission had approved the company?s merger with wholly-owned subsidiary Reefer Van Specialists Inc. (RVSI).

RVSI, which is engaged in domestic cargo handling operations, will be folded into ATS? freight brand, 2Go.

?The merger of ATS and RVSI will enable ATS to provide integrated service offerings to its clients ranging from full container to loose cargo loads and will provide effectiveness and efficiency of the delivery of freight services of ATS,? the company said.

The merger, the parent firm said, would also result in ?effective management and cost efficiencies for both companies.?

All existing RVSI employees will be separated and paid accordingly, ATS said.

In July, ATS obtained regulatory approval to merge with Zoom In Packages Inc (ZIP)., another wholly owned unit engaged in the business of moving loose cargo.

Like RVSI, ZIP?s operations were folded into 2Go, which will become the sole brand name for all of ATS? cargo operations.

Earlier this month, ATS said it posted a P152.2-million net loss for the six-month period ending in June. This compared to the company?s profit of P496.1 million in the first half of last year.

The losses, the company said, were a result of the ?extensive? dry-docking of ships.

?The vessels will be back in operation by the second half of the year. For the next 30 months until its next scheduled maintenance, ATS expects to maximize the earnings potential of its fleet,? the company said.



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