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Chinese firm to become top Philippine ferry operator
« on: December 02, 2010, 01:00:25 AM »
A private equity fund controlled by the Chinese government will become the Philippines' largest ferry operator as a result of deals announced by two major Philippine shipping firms on Wednesday.

Shipping line Negros Navigation will buy a 93.2-percent stake in Aboitiz Transport System (ATS), operator of the country's largest ferry service, for 105 million dollars, the firms said in a statement.

The merger will make Negros Navigation the biggest ferry operator in the Philippines, with 31 vessels.

At the same time, China-ASEAN Marine BV will take a controlling stake in Negros Navigation through an equity infusion, Aboitiz officials said.

China-ASEAN Marine is a wholly owned unit of the China-ASEAN Investment Cooperation Fund, a Dutch-based private equity fund launched by the China Export-Import Bank, the joint statement said.

The fund, announced by Chinese Prime Minister Wen Jiabao last year, targets infrastructure, energy and natural resource investment opportunities in the 10-member Association of Southeast Asian Nations (ASEAN).

The twin deals are expected to be completed in January next year, the statement said.

The size of China-ASEAN Marine's equity infusion into Negros Navigation, a privately held Philippine firm, was not disclosed.

However Erramon Aboitiz, chief executive of ATS's listed parent firm, Aboitiz Equity Ventures, said China-ASEAN Investment Cooperation Fund would become Negros Navigation's largest shareholder.

"We are very pleased to transfer the ownership of ATS to Nenaco and its principal shareholders, the Chinese-ASEAN Investment Cooperation Fund," Aboitiz said in a separate statement.

Nenaco chief executive Sulficio Tagud said his company now operated eight vessels in 13 ports, while ATS operated 18 vessels in 19 ports.

"With a strong balance sheet, the joint team is confident that the increased resources of the combined company will enable us to provide innovative services, enhanced frequency and improved customer care," Tagud said.

The Philippines is highly dependent on shipping for transporting cargo and people between its 7,107 islands.



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Lorenzo

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Re: Chinese firm to become top Philippine ferry operator
« Reply #1 on: December 02, 2010, 01:08:21 AM »
Owned by the Chinese government eh? Interesting.

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Re: Chinese firm to become top Philippine ferry operator
« Reply #2 on: December 02, 2010, 01:10:56 AM »
the next thing we know, philippines will become part of china. hahaha

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Re: Chinese firm to become top Philippine ferry operator
« Reply #3 on: December 12, 2010, 07:20:14 AM »
As far as transporting passengers is concerned, shipping in the Philippines will become obsolete. Low-income individuals can now afford any flight of Cebu Pacific or Air Philippines Express. I know it is cheaper to fly from Manila to Tagbilaran than to take a boat.
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Re: Chinese firm to become top Philippine ferry operator
« Reply #4 on: December 12, 2010, 11:07:39 AM »
i hope it's an advancement and development of the shipping industry....

NOT drugs and human trafficking and more gambling dens as what some chinese's sources of fund..

kudos anyway.......
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Re: Chinese firm to become top Philippine ferry operator
« Reply #5 on: December 12, 2010, 03:56:00 PM »
Our government is trying to imrpove this sector since our country is an archipel.They even negotiated with India to build more Ro-ros ships to ease the transportations from one island to the other.

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