2GO Group

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2GO
FormerlyAboitiz Transport System
PSE: 2GO
IndustryTransport and Logistics Services
FoundedMay 26, 1949; 72 years ago (1949-05-26)
Headquarters8F Tower 1 Double Dragon Plaza Macapagal Blvd. cor. EDSA Ext., Pasay 1302 Philippines
Key people
  • Frederic C. DyBuncio (Chairman, President & CEO)[1]
  • Francis C. Chua (Vice Chairman)
  • (Vacant) (COO)
  • William Charles Howell (CFO)
[2]
RevenueIncrease PHP7.79 billion (US$156 million)(1H 2021)[3]
Decrease PHP-600 million (US$-12 million)(1H 2021)[3]
Total assetsDecrease PHP14.9 billion (US$298.4 million)(1H 2021)[3]
Total equityDecrease PHP1 billion (US$36 million)(1H 2021)[3]
Number of employees
1,005
ParentSM Investments Corporation (52.85%)[4]
Trident Investments(31.73%)[5]
Website2go.com.ph
Cargo ship of 2GO Freight, part of the 2GO Group, in Iloilo Strait, the Philippines, with a pump boat.

2GO also known as 2GO Group Inc. is a Philippines-based company engaged in transporting people and cargo using the fleet of inter-island ferries and cargo ships of the former Aboitiz Transport System, which owned the brands SuperFerry, Cebu Ferries and SuperCat—and Negros Navigation. The top two principal shareholders of the 2GO Group are SM Investments Corp, and Trident Investments. The company has the largest infrastructure in the Philippines with over 400,000 TEU capacity (approximately 50% market share of domestic Philippine freight), 16 passage and freight vessels, 15,000 containers, 35 warehouses nationwide, 550 trucks, and 7,000 employees.[6]

Company history[]

The first precursor company to 2GO Group Inc. began on May 26, 1949 under the corporate name William Lines, Inc.[7] Eventually, the Aboitiz Transport System was formed by, first, the breakup of WG&A SuperFerry into SuperFerry and Carlos A. Gothong Lines and then the merging of SuperFerry with Cebu Ferries and SuperCat fast ferries to form the Aboitiz Transport System.[8]

On December 1, 2010, the former major stockholders of the company, namely Aboitiz Equity Ventures and Aboitiz and Company Inc. sold their shares to Negros Navigation Co. Inc. (NENACO), for US$105 million.[7][8] The equity value included all the logistics and shipping businesses of the company, except its interest in its joint ventures with the Jebsen Group of Norway.

At the same time, December 2010, Negros Navigation announced that the China-Asean Investment Cooperation Fund acquired a controlling stake in the company through an equity infusion. The China-Asean Investment Cooperation Fund is a Netherlands-based,[a] private equity firm wholly owned and controlled by the Government of the People's Republic of China.[10][8][11] Because Negros Navigation was a privately held firm the exact amount invested by the Fund was not disclosed.[12] In short, the mainland Chinese government set up the China-Asean Investment Cooperation Fund, which then among other investments in the region took a controlling stake in Negros Navigation, which in turn purchased SuperFerry and related brands and re-branded itself 2GO Group.

Operations[]

Main articles: 2GO and 2GO (cargo airline)

As of August 2021, the shipping fleet owned by the company and its subsidiaries reached 10 operating vessels. The fleet consists of: 9 roll-on/roll-off (RoRo)/Passenger vessels and 1 freighter.[13]

Notes[]

  1. ^ The legally separate China-ASEAN Capital Advisory Company is based in Hong Kong.[9]

References[]

  1. ^ https://www.bloomberg.com/profile/person/2316725
  2. ^ "2GO.PH | 2Go Group Inc. Company Profile & Executives - WSJ".
  3. ^ a b c d "2GO Group, Inc. PSE Disclosure Form 17-2 - Quarterly Report". Philippine Stock Exchange.
  4. ^ "SMIC completes takeover of 2GO with 52.85% stake". Manila Standard.
  5. ^ "Global logistics veterans join 2Go's board as SM takes over". 3 June 2021.
  6. ^ "Company Profile". Official Website. 2GO Group. Archived from the original on 16 January 2013. Retrieved 4 February 2013.
  7. ^ a b "SEC Form 17-A Annual Report 2013" (PDF). Securities and Exchange Commission. May 16, 2014. Retrieved July 31, 2019.
  8. ^ a b c Cacho, Katlene O. (December 1, 2010). "Aboitiz sells transport unit". Sun Star Cebu. Archived from the original on 29 October 2013. Retrieved 3 February 2013.
  9. ^ "Contact Info". Official Website. China-ASEAN Fund. Retrieved 2 September 2013.
  10. ^ Gamboa, Rey (August 20, 2013). "Keeping our seas safe". Philippine Star. Retrieved 12 September 2013.
  11. ^ "Negros takes out remaining Aboitiz stock". Baird Maritime. 7 January 2011. Retrieved 3 February 2013.
  12. ^ "Chinese firm to become top Philippine ferry operator". ABS-CBN News. 12 May 2010. Archived from the original on 26 January 2011. Retrieved 3 February 2013.
  13. ^ https://www.2go.com.ph/sea-solutions/

External links[]

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