ASIAN Terminals Inc (ATI) is seeking shareholder approval for the sale of Mariveles Grains Terminal to a private entity.
The port operator in a disclosure last week to the stock exchange said it has asked its stockholders on record as of July 1 to send in their written permission for the sale of ATI’s stake in Mariveles Grain Corp (MGC) by July 30.
MGC has the right to operate MGT in Mariveles, Bataan until February 2033. The terminal offers unloading, conveying, storage, out loading, weighing, bagging and sampling services. It handles bulk cargo of commodities like wheat, soya bean meal, corn and soybeans.
“The shares of MGC will be offered and sold at a price in excess of its book value and the management will be directed to conclude the sale for a consideration in excess of the company’s recorded acquisition cost,” ATI told the local bourse.
ATI did not name the buyer although San Miguel Corp (SMC) president Ramon Ang confirmed the conglomerate was the acquiring entity.
Last year, Ang said SMC was partnering with Toyota Tsusho Corp to acquire the grains and commodities terminal. Neither party has disclosed the price for the transaction, but analysts have placed it at P1.6 billion.
SMC’s single biggest shareholder, businessman Eduardo Cojuangco, announced his interest in the grains terminal after the company bought properties adjacent to the grains terminal.
The conglomerate wants to take over MGT to expand the 500,000-ton annual capacity of its feedmill located right beside the grains terminal. SMC also operates a malt silo for beer in the facility.
MGT can accommodate vessels of up to 70,000 deadweight tons, discharge cargo of up to 10,000 metric tons a day, and store 180,000 metric tons of soybean meal and grain, according to ATI’s annual report.
