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Aboitiz sells shipping business to Negros Navigation

Aboitiz sells shipping business to Negros Navigation

Manila: Aboitiz Equity Ventures (AEV) is selling its shipping line to Negros Navigation to create the Philippines' largest shipping company. AEV is selling all the logistics and shipping business of Aboitiz Transport Systems (ATS), with the exception of joint ventures with Jebsen Group, to Negros Navigation for $81.1m. ATS operates the Superferry passenger and cargo domestic shipping services. Negros Navigation expects to fund the ATS purchase with equity investments from China-ASEAN Marine B.V., a Netherlands incorporated company, which is a wholly owned subsidiary of China-ASEAN Investment Cooperation Fund (CAF). CAF is a private equity fund sponsored by the China Export-Import Bank. [01/12/10]

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