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Commission Decision No. 07-M-071 2016: Acquisition by Negros Holdings & Management Corporation of shares in China-ASEAN Marine B.V.

/ Commission Decision No. 07-M-071 2016: Acquisition by Negros Holdings & Management Corporation of shares in China-ASEAN Marine B.V.

Commission Decision No. 07-M-071 2016: Acquisition by Negros Holdings & Management Corporation of shares in China-ASEAN Marine B.V.

Acquisition by Negros Holdings & Management Corporation of shares in China-ASEAN Marine B.V. M-071/2016

Abstract:

The proposed transaction is a simple acquisition of shares. Negros Holdings & Management Corporation (NHMC) proposes to acquire the entire interest of China-ASEAN Cooperatief U.A. (CAF) in China-ASEAN Marine B.V. (CAMBV).

The purchase price for above-mentioned acquisition of shares shall be Two Hundred Seventy Five Million Million US Dollars (USD 275,000,000.00) less One Hundred Thousand US Dollars (USD100,000.00)(X), where X is the number of days from the date immediately following completion of the transaction of the transaction up to (and including) 31 December 2016.

CAF currently owns one hundred percent (100%) of the shares in CAMBV. In the proposed transaction, NHMC seeks to acquire the entire interest of CAF in CAMBV. Thus, upon completion of the proposed transaction, NHMC shall own one hundred percent (100%) of the shares in CAMBV.

NHMC owns sixty point twenty nine percent (60.29%) of the voting interest in KGLI-NM Holdings, Inc. (KGLI-NM), which in turn owns fifty nine point fifty nine percent (59.59%) of the voting interest in Nenaco.

On the other hand, CAMBV owns thirty nine point eighty eight percent (39.88%) of the voting interest
in Nenaco.

NHMC intends to increase the ownership percentage of Filipinos in Nenaco, and its subsidiaries and affiliates, which include among others 2GO Group, Inc. by acquiring CAMBV.

1678153375_Commission-Decision-No.-07-M-071-2016.pdf

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