2GO Group

Last updated
2GO
2GO Group Inc.
FormerlyAboitiz Transport System
IndustryTransport and Logistics Services
FoundedMay 26, 1949;74 years ago (1949-05-26)
Headquarters8F Tower 1 Double Dragon Plaza, Macapagal Blvd. cor. EDSA Ext., Pasay 1302 Philippines
Key people
Number of employees
2,105 (December 31, 2021)
Parent SM Investments Corporation (67.12%) [2]
Trident Investments(31.73%) [3]
Subsidiaries
Website 2go.com.ph

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. 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. [4]

Contents

Company history

MV 2GO Maligaya. MV 2GO Maligaya.jpg
MV 2GO Maligaya.
Cargo ship of 2GO Freight, part of the 2GO Group. MV Dan Rafael Dos.jpg
Cargo ship of 2GO Freight, part of the 2GO Group.

The first precursor company to 2GO Group Inc. began on May 26, 1949 under the corporate name William Lines, Inc. [5] 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. [6]

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. [5] [6] 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, [lower-alpha 1] private equity firm wholly owned and controlled by the Government of the People's Republic of China. [8] [6] [9] Because Negros Navigation was a privately held firm the exact amount invested by the Fund was not disclosed. [10] 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.

In 2016, SM Investments Corporation (SMIC) and Dennis Uy's Chelsea Logistics inc jointly acquired a major stake of 2GO Group Inc, owning a significant share in the company. 2GO Group Inc and Negros Navigation Co. merged later on

In 2021, Dennis Uy’s Chelsea Logistics and Infrastructure Holdings Corporation sold its entire stake in 2GO Group to SM Investments Corporation (SMIC) Making 2GO a subsidiary of SM Investments Corporation (SMIC). 2GO Group later started to modernize its assets.

Operations

As of April 2024, the shipping fleet owned by the company and its subsidiaries reached 12 operating vessels. The fleet consists of: 11 roll-on/roll-off (RoRo)/Passenger vessels and 1 freighter. [11]

Notes

  1. ↑ The legally separate China-ASEAN Capital Advisory Company is based in Hong Kong. [7]

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References

  1. ↑ "Frederic C DyBuncio, 2go Group Inc: Profile and Biography". Bloomberg News .
  2. ↑ "SM Investments increases stake in 2GO Group to 67%". Manila Standard.
  3. ↑ "Global logistics veterans join 2Go's board as SM takes over". 3 June 2021.
  4. ↑ "Company Profile". Official Website. 2GO Group. Archived from the original on 16 January 2013. Retrieved 4 February 2013.
  5. 1 2 "SEC Form 17-A Annual Report 2013" (PDF). Securities and Exchange Commission. May 16, 2014. Archived from the original (PDF) on July 31, 2019. Retrieved July 31, 2019.
  6. 1 2 3 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.
  7. ↑ "Contact Info". Official Website. China-ASEAN Fund. Retrieved 2 September 2013.
  8. ↑ Gamboa, Rey (August 20, 2013). "Keeping our seas safe". Philippine Star . Retrieved 12 September 2013.
  9. ↑ "Negros takes out remaining Aboitiz stock". Baird Maritime. 7 January 2011. Retrieved 3 February 2013.
  10. ↑ "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.
  11. ↑ "Sea Solutions - 2GO Group, Inc". 19 April 2021.
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