Aboitiz ships it in

Aboitiz Equity Ventures takes control of the largest shipping company in the Philippines.

Aboitiz Equity Ventures has bought 61% of William, Gothung Aboitiz WGA - the largest shipping company in the Philippines - from the Chiongbian Group and Gothong Group. Aboitiz already owns 31% of the company, which is involved in ferry services around the archipelago for passengers and cargo.

The move will see Aboitiz pay Ps3.98 per share for a total consideration of Ps3.65 billion $72 million. The group will pay 50% in cash now and 50% in an interest bearing promissory note, which carries a 12% coupon for five years, with a one-year grace period.

With 92% of the company now in Aboitiz hands, the remaining 8% is listed. It is probable that the acquisition...

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