Aboitiz Transport Systems Corp. (ATS) said Wednesday its wholly-owned subsidiary, Aboitiz One Inc. (Aone), has bought a supply chain company for $8.4 million.
ATS said Aone signed a share purchase deal with Carsten F. Pedersen, a Danish national who owns Scanasia Overseas Inc., which is in the business of sales, marketing, warehousing and transportation of temperature-controlled and ambient food products to customers in the Philippines.
Over the years ssince the opening af the Company it has evolved from its humble entrepreneurial beginnings into what is now a professionally managed organization with 325 dedicated employees.
Under the agreement, Aone will acquire from Pedersen 100 percent of or a total of 3.97 million shares in Scanasia at a par value of P1 each.
The deal is expected to close on June 18, subject to the fullfillment of certain conditions by the two parties.
“The said acquisition is in line with Aone’s business strategy to provide total supply chain solutions to clients and to further improve the effectiveness and efficiency of its delivery business,” the parent said.
ATS, the shipping and logistics arm of the Aboitiz group, earlier disclosed that it was shopping for a local supply chain firm to boost its revenues this year.
It said that it was funding the acquisition through internally generated cash and sale of idle assets worth P200 million.
ATS runs the country’s largest passenger and cargo shipping business, SuperFerry. It also has an express delivery service under the 2GO brand and a cold chain service.
For 2008, the company earmarked P840 million for capital expenditures, of which P480 million would be spent for its shipping operations, P100 million for its express and logistics group, and P260 million for its unit, SuperCat Fast Ferry Corp.