In a disclosure to the Philippine Stock Exchange yesterday, SQL said WG&A and Aboitiz One have agreed to acquire two million shares each or a combined total of four million shares being offered by majority shareholders of the software firm. The shares offered represent 20 percent of SQL’s outstanding capital stock.
Among these shareholders are Alberto Hermoso Jr., Hereldina R. Salonga, Antonio Lasala, Enrique Pelaez and Hermenegildo Hermoso. Upon completion of the offer, they will own 60 percent of SQL, WG&A and Aboitiz One will get 10 percent each while the remaining 20 percent will continue to be held by the public.
SQL said the entry of WG&A and Aboitiz One is expected to be beneficial to the software firm because they are key partners of the company in the development and maintenance of their major automated systems.
"For the company, the partnership will not only ensure captive repeat business from these clients, but open opportunities for future collaboration in product development as well as in expanding their reach to new customers through this alliance. Both WG&A and Abotiz One are dominant players in their respective industries," SQL said.
As for WG&A and Aboitiz, the proposed investment will be strategic for both companies as it provides them a vehicle that will enable them to stay in the forefront of any technology innovation.
SQL developed WG&A’s existing freight operating system, passage ticketing system, cash receipts system, and claims system. This strategic partnership will place WG&A at the forefront of technology innovation.
The board of WG&A also approved the appointment of Washington Sycip, an independent director, as the board audit committee chairperson. Erramon Aboitiz and Bob Gothong were appointed audit committee members.
The board also approved the corporation’s anti-money laundering statement of policies and procedures and the appointment of the assistant vice-president for internal audit, Edwin Natividad, as the reporting and compliance officer.
WG&A is the country’s largest and most profitable shipping company, operating 23 vessels nationwide. It is the biggest provider of domestic ferry transportation in the Philippines on both the passenger and cargo business.
WG&A was formed via a merger in 1996 of William Lines Inc. Carlos Gothong Lines Inc. and Aboitiz Shipping Corp. – Zinnia dela Peña