Manila: Aboitiz Equity Ventures (AEV) has quit its shipping-related business, selling its entire stakes in maritime services group Aboitiz Jebsen, a partnership with the Jebsens group of Norway.
In a disclosure to the Philippine Stock Exchange on Wednesday, AEV said it had sold its shares in Aboitiz Jebsen Co, Aboitiz Jebsen Manpower Solutions and Jebsens Maritime–collectively called the Abojeb group for $8.3m–to PTC Holdings Corp, Behike Holdings, Valdicava Holdings, Jebsen Invest and Furunes Holdings.
“The divestment of interest in the Abojeb Group is part of AEV’s strategy to focus on its identified core businesses such as power generation and distribution, financial services, food and real estate and infrastructure,” AEV said.
Jebsen will continue to partner with Aboitiz family members in their personal capacity, the disclosure said.
AEV used to operate the Philippines’ largest shipping fleet, but sold it to Negros Navigation four years ago. [13/02/14]