Philippines Transmarine Carriers takes stake in Aboitiz Jebsen

PTC has bought AEV 45% stake in the Manila-based joint venture which is aiming to develop its crewing business. The majority of the joint venture’s shares remain in the hands of Jebsens and Endika Aboitiz.

Aboitiz Jebsen chairman Bjorn Jebsen said PTC was a like-minded investor and believed the joint venture’s potential “develop and grow the manpower business both here in the Philippines and internationally.”

“Manpower is not part of AEV's strategy as they are not able to give this business full attention going forward as their other activities are expanding,” he said.

Aboitiz Jebsen will continue to operate as a standalone business.

Aboitiz exited shipowning in November 2010 selling its shipping fleet to Negros Navigation.

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