ATS board OKs name change

The country’s largest shipping company ATS Consolidated Inc. has approved a second change in its corporate name in two years, reflecting the interest of its new shareholders.

In a disclosure, the listed firm formerly owned by the Cebu-based Aboitiz family said its board had approved to change the company’s name to 2GO Group Inc. The company will be taking after the name of its 2GO logistics subsidiary, one of the largest revenue earners in the group.

The change in name was approved by its board during a meeting on Dec. 28, the disclosure read.

ATS Consolidated used to be called Aboitiz Transport Systems Corp. before it was sold to rival shipping firm Negros Navigation Co. Inc. (Nenaco).

The Nenaco group acquired ATS for over P4 billion. The acquisition was funded by an equity infusion by state-run China-Asean Marine BV, which now owns 40 percent of Nenaco.

The remaining 60 percent is owned by KGLI-NM, a joint venture between Kuwaiti Gulf Link Investments and Negros Holdings and Management Corp.