AEV sells 35% stake in M’danao Container Corp

Aboitiz Equity Ventures Inc. (AEV) has concluded the sale of its 35-percent stake in Mindanao Container Corp. for a total value of P26.95 million

In a disclosure to the Philippine Stock Exchange, AEV said it has signed a deed of sale for the disposition of its 50,000 shares in MCC at P539 per share.

AEV said this was in line with its strategy of selling non-core assets for value and deploying the gains from such sale to core businesses to enhance the value of the company’s shares.

AEV is the publicly-listed holding and investment management company of the Aboitiz group. Through its majority and minority-owned subsidiaries, AEV is engaged in various business activities in the Philippines, including electricity generation and distribution, banking and financial services, food production and transportation. Its core investments are in power and banking.

The company earlier invested an additional P1.75 million in Subic EnerZone Corp., which has been awarded the right to distribute power in the Subic Bay freeport under a rehabilitate-operate-transfer scheme. AEV currently holds 20 percent interest in SEZC.

SEZC took over the Subic Bay Metropolitan Authority (SBMA) power distribution facilities last Oct. 25.