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MANILA, Philippines – The Aboitiz group announced Wednesday, February 12 it sold its stakes in its joint ventures with Norwegian company Jebsens, marking its exit from the shipping industry.
In a disclosure to the Philippine Stock Exchange, Aboitiz Equity Ventures Inc. (AEV) said it sold its 62.5% interest in each of the companies comprising the Abojeb Group for $8.3 million. These companies include Aboitiz Jebsen Company Inc., Aboitiz Jebsen Manpower Solutions Inc. and Jebsens Marine Inc.
AEV said it wants “to focus on core businesses of power generation and power distribution, financial services, food and real estate.” (READ: Aboitiz group sets P78B power investments)
The company sold its stakes to PTC Holdings Corporation, Behike Holdings Inc., Valdicava Holdings Corporation and Furunes Holdings Inc.
The transaction marks the Aboitiz group’s complete exit from shipping and related businesses.
In 2010, the group sold century-old Aboitiz Transport Corporation, which operated SuperFerry vessels, to rival Negros Navigation Company Inc.
AEV owns power company Aboitiz Power Corporation, Union Bank, feeds manufacturer Pilmico, and property developer Aboitiz Land Inc. – Rappler.com
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