The Board of Abojeb sees a great potential to develop and grow the Manpower business both in the Philippines and internationally.
In order to achieve this it is essential to have a dedicated staff and owners that fully support the development of the business.
Manpower is not part of AEV’s strategy as they are not able to give this business full attention going forward as their other activities are expanding.
Over the last few months we have discussed the ownership structure going forward and have found a like minded investor in Philippine Transmarine Carriers (PTC). They will purchase 45% of the shares in Abojeb Group. The balance will be owned by Jebsens and Endika Aboitiz.
On this basis we achieve two objectives – we get continuity of ownership with Jebsens and Aboitiz, and PTC comes in as a shareholder with experience from the manpower business.
Abojeb will continue to be operated as a stand alone business where the PTC will continue to contribute as owners through the Board.
We have in the Abojeb Board made a strategic decision to expand our business with crew of other nationalities. We feel this is very important for us to grow our business going forward and we have identified this as one area we can benefit from a cooperation with PTC.
Finally with the challenges we are faced with in providing competent seafarers to the shipping industry we see that we need to allocate more resources to training and competence building.
The shareholders of Abojeb are committed to support this strategic development
Chairman of the Board