ASIAN Terminals, Inc (ATI) has finally closed a deal with a private company involving the sale of Mariveles Grains Terminal (MGT) idle since last year.
The port operator did not name the company although San Miguel Corp (SMC) president Ramon Ang confirmed last week that SMC was the buyer.
In a disclosure to the Philippine Stock Exchange, ATI said its board approved the sale but that this was still subject to final stockholders’ approval on July 30, 2010.
“An agreement in respect of the proposed sale was signed by the signatories as designated and authorized by the board,” ATI said in its disclosure.
“A purchaser has approached (ATI) giving an offer for our Mariveles facility,” the firm said in an official statement. “After a thorough and diligent evaluation, ATI agreed in principle to sell (MGT) to an unlisted Philippine company and affirms the benefit of (ATI) and its shareholders’ best.”
Reports said unlisted SMC unit, San Miguel Logistics Asia Corp, may be used as the corporate vehicle for the purchase. But last year, Ang said SMC was partnering with Toyota Tsusho Corp to acquire the grains and commodities terminal.
Negotiations on the sale of MGT to SMC began in 2004.
The purchase price for the country’s most modern bulk grains handler has earlier been pegged at P2.15 billion. There have been reports SMC made a P2-billion offer.
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.
ATI has spent about $60 million (around P2.7 billion) for the development of the property.
The port operator has an existing contract with the Philippine Ports Authority and the provincial government of Bataan to develop and operate the facility for 20 years until 2013.
Proceeds of the sale will be used to finance the modernization of ATI’s South Harbor.
The 14-hectare facility has a 217-meter long pier with an average depth of 13.5 meters that can accommodate vessels up to 70,000 deadweight tons. The facility can discharge cargo at 10,000 metric tons per day and store 180,000 MT of both soybean and grain cargoes at any given time.
