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2GO Group

From Wikipedia, the free encyclopedia
This article is about a shipping and logistics company. For other uses of 2GO, see 2go (disambiguation).
2GO Group Inc
FormerlyAboitiz Transport System
IndustryTransportation
FoundedMay 26, 1949; 75 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)
ParentSM Investments Corporation (67.12%)[2]
Trident Investments (31.73%)[3]
Subsidiaries
Website2go.com.ph

2GO Group Inc., also known simply as 2GO is a Philippines-based transportation and logistics company operating a fleet of inter-island passenger ferries and cargo ships. The top two principal shareholders of the 2GO Group are SM Investments Corp, and Trident Investments.

Company history

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MV 2GO Maligaya
Cargo ship of 2GO Freight, part of the 2GO Group
Logo under the "2GO" brand

The first precursor company to 2GO Group Inc. began on May 26, 1949 under the corporate name William Lines, Inc.[4] William Lines later merged with Gothong Lines and Universal Aboitiz Inc to form the William, Gothong and Aboitiz Inc. (WG&A). Eventually, the Aboitiz Transport System was formed by, first, the breakup of WG&A 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.[5]

On October 15, 2004, the freight businesses, (which includes freight, express, logistics and solutions) of Aboitiz Transport System were rebranded as 2GO.

On December 1, 2010, Its former parent company, Aboitiz Equity Ventures and Aboitiz and Company Inc. sold the company and its brands to Negros Navigation Co. Inc. (NENACO), for US$105 million.[4][5] 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,[a] private equity firm wholly owned and controlled by the Government of the People's Republic of China.[7][5][8] Because Negros Navigation was a privately held firm the exact amount invested by the Fund was not disclosed.[9]

Later, in 2012 the company was reorganized and rebranded as 2GO Group Inc. with its brands SuperFerry, SuperCat, and Cebu Ferries merged with Negros Navigation to form 2GO Travel.

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. Later, 2GO Group Inc and Negros Navigation Co. merged.

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). Later, 2GO Group started its modernization program.

In 2023, it voluntarily delisted from the Philippine Stock Exchange after successfully conducting a tender offer.

Operations

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Main articles: 2GO Travel and 2GO (cargo airline)

2GO offers multimodal transportation, warehousing and inventory management, distribution, special containers, and project logistics as well as e-commerce logistics, including last-mile deliveries, and express courier deliveries. 2GO also provides sea travel, and a wide range of peripheral logistics such as freight forwarding, import and export processing, and customs brokerage. As of September 2024, the shipping fleet owned by the company and its subsidiaries has 10 operating vessels. The fleet consists of: 9 roll-on/roll-off (RoRo)/Passenger vessels and 1 freighter.[10] It holds assets such as 10,619 Container Vans 495 Reefer Vans, 100 ISO Tanks, 126,558 Metric Tons of Cargo Capacity, 895 Truck Chassis, 1,400 Transportation vehicles, 39,662 Pallet Positions, and 136,358 SQM Container Yard Space. It has a network of: 48 warehouses, 14 hubs, 18 ports of call, 132,335 SQM warehouse space, 2,977 SQM hubs space, and almost 3,000 outlets. [11]

Notes

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  1. ^ The legally separate China-ASEAN Capital Advisory Company is based in Hong Kong.[6]

References

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  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. ^ a b "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.
  5. ^ a b c 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.
  6. ^ "Contact Info". Official Website. China-ASEAN Fund. Retrieved 2 September 2013.
  7. ^ Gamboa, Rey (August 20, 2013). "Keeping our seas safe". Philippine Star. Retrieved 12 September 2013.
  8. ^ "Negros takes out remaining Aboitiz stock". Baird Maritime. 7 January 2011. Retrieved 3 February 2013.
  9. ^ "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.
  10. ^ "Sea Solutions - 2GO Group, Inc". 19 April 2021.
  11. ^ "Company Profile - 2GO Group, Inc". 23 October 2024.
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