San Miguel acquired Mariveles Grain Terminal
Posted on June 3rd, 2010
San Miguel Corporation has sealed a deal to take over the Mariveles Grain Terminal in Bataan by Asian Terminals Inc. (ATI).
ATI said in its disclosure to the Philippine Stocks Exchange (PSE) that its board had approved the sale of its wholly owned subsidiary Mariveles Grain Corp. (MGC) to a “private unlisted Philippine purchaser.” However, the sale is still subject to further clearance by the company’s shareholders.
For over a year, the conglomerate had been having talks with ATI to acquire the Mariveles Grain Terminal, the country’s most modern grain handling facility, which would set the company to become a distribution and logistic powerhouse.
The buyer of the grain terminal was a unit of San Miguel and that the purchase would be done in partnership with Japanese trading giant Toyota Tsuho Corporation, according to San Miguel president Ramon Ang. He did not disclose the final valuation of the purchase, but based on analyst’s earlier estimates, the acquisition deal could be worth P1.6 billion.
Earlier, it was reported that Toyota and San Miguel will be forming a new company to acquire MGC, 60 percent of which would be controlled by the diversifying conglomerate.
MGC holds a permit to operate the Mariveles Grain Terminal until February 2033 from the Philippine Ports Authority. The terminal offers unloading, conveying, storage, outloading, weighing, bagging and sampling services. It handles bulk cargo of commodities like wheat, soya bean meal, corn and soybeans. It can accommodate vessels of up to 70,000 dead weight tons, discharge cargo of up to 10,000 metric tons a day, and store 180,000 metric tons of soybean meal and grain, based on the latest annual report by ATI.
