Cebu-based 2GO Group, Inc., the former William, Gothong & Aboitiz, Inc. (WGA) and subsequently Aboitiz Transport System Corporation, has exited the fastcraft sector as it sold subsidiary SuperCat Fast Ferry Corporation to Davao-based Chelsea Logistics and Infrastructure Holdings Corporation (CLC).
CLC, a publicly-held conglomerate founded and chaired by Davao tycoon Dennis A. Uy, already has a 28.15% indirect economic interest in 2GO.
In its 2017 annual report, CLC said it acquired interest in 2GO in March 2017 and subsequently took over the management effective April 2017. Uy also sits as chairman of 2GO.
Both listed shipping and logistics companies issued separate disclosures to the Philippine Stock Exchange on October 10, 2019 about the SuperCat acquisition.
2GO was the first to disclose the sale, saying that, “as of closing of the sale, SFFC (SuperCat) is no longer a subsidiary of 2GO”.
SuperCat, which had 6 vessels as of end-2018, services the Cebu-Tagbilaran, Cebu-Ormoc, Bacolod-Iloilo, and Calapan-Batangas routes.
2GO still owns and operates 5 RoRo/passenger (RoRo/Pax) vessels calling on Manila as their homeport, 3 medium-sized vessels formerly called the Cebu Ferries calling on Manila and Palawan, and 8 cargo vessels for its 2GO Freight brand.
Its remaining subsidiaries are 2GO Express, Inc., NNATS Logistics Management and Holding Co., Inc. (NALMHCI), Special Containers and Value-added Services, Inc. (SCVASI), 2GO Rush Delivery, Inc. and MCC Transport Philippines, Inc. (MCCP).
In its 2018 annual report, 2GO said its revenue mix tilted towards logistics and other non-shipping businesses, which accounted for 53% of total turnover while shipping contributed only 47%.
Management said it was eyeing to strengthen 2GO's logistics solutions business.
CLC, meanwhile, confirmed that it acquired 100% of SuperCat from 2GO on October 9, 2019.
CLC is the shipping, logistics and infrastructure arm of Udenna Corporation, the holding company of the Uy family which also has investments in logistics, distribution, real estate and service industries. Uy is also chairman of Udenna, which he directly owns together with his wife Cherylyn.
In its 2018 report, CLC said it was evaluating proposed acquisitions of shipping and logistics companies. The acquisitions are seen to improve its profitability and increase its market share.
As of end-2018, CLC had a fleet of 92 vessels, including six in dry docking, 2 cargo ships under a bare boat agreement of 2GO and SuperCat vessels. (Ventures Cebu)