THE Securities and Exchange Commission recently approved the merger of Aboitiz Transport System and wholly-owned subsidiary Reefer Van Specialists, Inc (RVSI).
In a disclosure, ATS said it is folding in RVSI into its logistics arm 2GO.
“The merger of ATS and RVSI will enable ATS to provide integrated service offerings to its clients ranging from full container to loose cargo loads and will provide effectiveness and efficiency of the delivery of freight services of ATS,” the company said.
“The merger would also result in effective management and cost efficiencies for both companies.”
ATS said all existing RVSI employees will be paid accordingly.
RVSI, which was acquired last year, specializes in domestic cargo handling operations.
In the first six months of the year, ATS posted an increase in revenues despite limited capacity due to dry-docking of several of its vessels.
Total revenues for the period amounted to P6.7 billion, up 8% from the P6.2 billion registered in the same period last year.
