China to dominate Philippine ferries through Negros deal
The China-ASEAN Investment Cooperation Fund, through its wholly owned subsidiary China-ASEAN Marine, has invested in Negros Navigation, conditional on the ferry operator purchasing a 93.2% stake in Aboitiz Transport System (ATS) for $105 million, which will make Negros the largest ferry service provider in the Philippines.
The amount the Chinese fund paid for its stake in Negros is unknown. According to a statement, post-merger, Negros Navigation will operate a total of 26 vessels in more than 19 ports in the archipelago...
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