By Roderick T. dela Cruz

The Aboitiz group has received P100 million from a group of investors led by Negros Holdings and Management Corp. as an option money for the purchase of a 42.2 percent stake in Aboitiz Transport Corp.

Aboitiz Equity Ventures said in a letter to the stock exchange that its share in the option money was P82.88 million, with the balance going to firm Aboitiz & Co. Inc.

The two companies received the option money for accepting the term sheet offered by KGLI-NM Holdings Inc. for the acquisition of a 42.2 percent equity stake in Aboitiz Transport.

KGLI-NM Holdings is a domestic company jointly owned by Negros Holdings and Management Corp. and KGL Investment BV, which is beneficially owned by KGL Investment Co. of Kuwait.

Including shares held by the public representing 6.8 percent of Aboitiz Transport, KGLI-NM Holdings was offering to acquire 49 percent of the transport company.

KGLI-NM Holdings will also make a tender offer for the Aboitiz Transport shares owned by the public under the term sheet.

At P1.84 per share, the two Aboitiz companies expect to earn some P1.9 billion from the sale of their 1.032 billion shares, or 42.2 percent stake in Aboitiz Transport, while public shareholders will receive P306 million from the sale of 166.324 million shares.

Aboitiz Equity Ventures said the P100-million option money would be credited as part of the purchase price, provided that KGLI-NM Holdings acquire at least $30 million worth of shares from the two Aboitiz companies.

?The option money shall be forfeited in favor of Aboitiz Equity Ventures and Aboitiz & Co., if KGLI fails to purchase from AEV and ACO ATS shares worth at least $30 million or if the transaction fails to materialize prior to closing date,? the Aboitiz group said.

With the expected completion of the sale on or before April 30 this year, the two Aboitiz companies will still retain a majority 51 percent stake in Aboitiz Transport, while negotiations for the sale of the remaining shares continue.