Home » Maritime » Nenaco eyes remaining shares of Aboitiz

LOCAL shipping operator Negros Navigation Co (Nenaco) plans to acquire the remaining shareholdings of the Aboitiz Group in Aboitiz Transport System (ATS).

Following the completion of the ATS sale to Nenaco last December 29, Aboitiz Equity Ventures and Aboitiz and Co still had a total of 166,324,409 common shares equivalent to approximately 6.8% of the total outstanding common shares of ATS.

The tender offer price for the remaining shares is P1.8813 per common share or a total purchase price of P312.906 million.

The offer period is from January 11 to February 7, 2011 unless extended by the bidder upon approval by the Securities and Exchange Commission.

Check payment for tendered shares is payable from February 17.

ATR KimEng Capital Partners Inc was appointed to handle the transaction.

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