Aboitiz Transport shareholders okay capital hike to P2.375-B

Shareholders of Aboitiz Transport System Corp. (formerly WG&A) approved yesterday the planned increase in the shipping firm’s capital stock to P2.375 billion from P1.625 billion.

At the same time, the ATS shareholders ratified the resolution approved by the board of directors last February to decrease the authorized redeemable preferred shares from 150.29 million shares to 75.38 million shares.

The decrease was made to comply with rules governing redeemable and treasury shares issued by the Securities and Exchange Commission to the effect that redeemable preferred shares reacquired shall be considered retired and no longer issuable.

ATS is the largest provider of domestic ferry transportation services in the country, resulting from a merger of three Cebu-based passenger and cargo shipping companies William Lines Inc., Carlos A. Gothong Lines Inc. and Aboitiz Shipping Corp.

From William, Gothong & Aboitiz Inc. (WG&A), it changed its business name to ATS as a result of the escrow agreement between Aboitiz Equity Ventures Inc. and the Chiongbian and Gothong groups.

ATS and its subsidiary Cebu Ferries Corp. (CFC) operate in calls on 27 ports nationwide maintains warehouses and container yards in all of its key locations. Currently, the company’s fleet includes 19 owned operating vessels. The vessel fleet has a combined gross registered tonnage of approximately 133,000 metric tons, total passenger capacity of approximately 29,000 passengers and aggregate cargo capacity of approximately 2,135 twenty-foot equivalent units with 160 rolling cargoes.

It has two subsidiaries, CFC and WG&A Super Commerce Inc., with the former engaged in transporting cargo and passengers calling on the Northern Mindanao and Visayas ports, and the latter managing the entire hotel operations of all ATS and CFC passenger vessels.