A unit of San Miguel Corp (SMC), SMC Shipping and Lighterage Corp, has bought a majority stake in Keppel Cebu Shipyard Land, Inc (KCSLI) valued at P596.2 million.

In a disclosure to the Philippine Stock Exchange, Keppel Philippines Holdings (KPHL) said it had approved the sale of the entire 72% of KCSLI, which owns lands in Cebu, held by Goodsoil Marine Reality Inc (GMRI). KPHL owns 51% of GMRI.

KCSLI had already suspended shipbuilding operations since the second half of 2009 due to the global economic crisis.

SMC Shipping, 70% of which is owned by SMC, said the share buyout allows it to expand its business interests.

SMC Shipping provides cargo-handling, warehousing and shipping services to the San Miguel Group.

In the last three years, SMC Shipping invested P224.9 million to acquire three vessels — two brand-new and one retrofitted — that will transport raw materials for processed products of its parent firm, among others.

The company also recently acquired a second-hand 5,552.2-metric ton oil tanker worth P552.3 million for use in servicing the needs of oil refiner Petron Corp, another SMC subsidiary.

You May Also Like

Carriers against Philippine terminal rate hike

International carriers operating in the Philippines are against the vessel-related cargo-handling rate increase sought by port operators International Container Terminal Services, Inc (ICTSI) and…

PH cargo volume inch up 1% in 2018

Cargo volume handled by Philippine ports grew 1% to 256.326 million metric tons (mt) in 2018 from 253.561 million mt in 2017 as both…

Rate hikes eyed for Far East westbound cargo

Hapag-Lloyd said it will increase rates for the Far East westbound trade effective December 17 to continue to provide its clients with “sustainable services.”…

New vessel arrivals in 2011 to hit 1.28-M TEUs in capacity

Worldwide deliveries of container ships have exceeded 1 million 20-foot equivalent units (TEUs) in capacity, with 154 ships received by ocean carriers since the…