Philippines: Negros Navigation (Nenaco) will make a PHP312.91 million (US$7.1 million) offer for the remaining publicly-owned shares of Aboitiz Transport System Corporation (ATS), according to a disclosure to the Philippine Stock Exchange.

ATS said Nenaco intends to acquire 166.32 million ATS shares equivalent to about 6.8 percent of the firm’s outstanding shares.

In early December, Negros Navigation purchased a 93.2 percent stake in Aboitiz Transport System (ATS), operator of the country's largest ferry service, for US$105 million.

The merger made Negros Navigation the biggest ferry operator in the Philippines, with 31 vessels.

“The agreement essentially values the equity of Aboitiz Transport at US$105 million, which is equivalent to approximately US$0.043 per share. Since Nenaco intends to acquire 100 percent of Aboitiz Transport and as part of the agreement, a tender offer will be made to other shareholders of Aboitiz Transport using the same per share valuation,” Aboitiz Group said in a statement.

At the same time, China-ASEAN Marine took a controlling stake in Negros Navigation through an equity infusion.

China-ASEAN Marine is a wholly owned unit of the China-ASEAN Investment Cooperation Fund, a private equity fund launched by the China Export-Import Bank.