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Friday, September 19, 2003
WG&A integration won’t change Cebu Ferries routes
By Jessica B. Natad
WG&A Philippines has decided to absorb its wholly owned subsidiary as part of the company’s efforts to improve its operational efficiencies this year.
According to Aboitiz Equity Ventures (AEV) chief operating officer Erramon Aboitiz, the merger of the operations of Cebu Ferries Corp. (CFC) with its mother company will not affect the services and frequencies of CFC.
“No changes on the services and frequencies. We just want to integrate our operations (by) putting everything into WG&A,” he told Sun.Star.
CFC now plies the seas from Cebu to Cagayan de Oro, Nasipit, Iligan, Ozamis, Ormoc, Tacloban, Jagna and Tagbilaran, and vice-versa.
Aboitiz said a reduction of employees from both shipping entities was possible with the integration of operations.
He said AEV had no definite plans yet for CFC.
“(CFC) initially will become a non-performing company. It might be dissolved or might be used for another business,” Aboitiz said.
WGA earlier announced that its board of directors had approved the merger of CFC’s operations with those of WG&A. On or before Nov. 1, WG&A will take over the shipping operations of CFC.
CFC currently operates five vessels, which it charters from WG&A, the largest shipping company in the country.
WGA recently acquired two vessels, which will be delivered next month, to replace two aging CFC vessels. The second-hand ships will first be refurbished before being put to service.
(September 19, 2003 issue)
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