Aboitiz exits maritime service business

MANILA, Philippines—Aboitiz Equity Ventures Inc. has completed its exit from shipping-related businesses with the sale of its entire stake in maritime services group Aboitiz Jebsen, a partnership with the Jebsens group of Norway.

In a disclosure to the Philippine Stock Exchange on Wednesday, AEV said it had sold its shares in Aboitiz Jebsen Co.,  Aboitiz Jebsen Manpower Solutions and Jebsens Maritime—collectively called the Abojeb group—to PTC Holdings Corp., Behike Holdings, Valdicava Holdings, Jebsen Invest A.S. and Furunes Holdings Inc.

AEV’s interest in the Abojeb Group was sold for $8.3 million, a price that included Abojeb Group’s interest in its subsidiaries, including among others, Starbulk Aboitiz Jebsen Crew Management Philippines, Filscan Shipping, General Charterer Ocean Shipping, Selandia Crew Management, Olympic Jebsen Offshore, and Viking International Carriers Inc., all of which are engaged in recruitment, ship manning and related businesses.

“The divestment of interest in the Abojeb Group is part of AEV’s strategy to focus on its identified core businesses such as power generation and distribution, financial services, food and real estate and infrastructure,” the disclosure said.

Jebsen, which is AEV’s long-time partner in the Abojeb Group, will continue to partner with Aboitiz family members in their personal capacity, the disclosure said.

The Abojeb group was established by the Aboitiz and Jebsen groups in 1982 to provide integrated maritime services to the international market. Powered by a multicultural team of technicians, engineers and managers, the company is a leading international provider of ship management and crew management services.

AEV previously operated the country’s largest shipping fleet but sold this business in 2010 to Kuwaiti-backed competitor Negros Navigation Co.

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