Ayala, via AC Logistics, struck an agreement last September to sell 100 percent of two Air21 subsidiaries to Jane P. Lina, the daughter of the late businessman Alberto Lina, for “nominal consideration.”
The firms, Integrated Waste Management Inc. (IWMI) and Waste and Resources Management Inc. (WARM), were part of Ayala’s P6-billion takeover of Air21 in 2022.
Closing down Air21
In an interview with InsiderPH last May, AC Logistics CEO Erry Hardianto revealed plans to close down Air21, a nearly five-decade-old business, amid challenges operating in the last-mile segment.
In late 2023, the group also shut down last-mile provider Entrego by merging the business with a new entity, A-Movement Corp.
AC Logistics still plans to serve customers through third-party partnerships, Hardianto had said.
As of September this year, AC Logistics spent P1.5 billion for the winding down of Air21, Ayala’s quarterly report showed.
Ayala restructures logistics ahead of entry of new investor
Losses during the nine-month period narrowed to P1.3 billion from P1.5 billion, “primarily driven by the closure of its last-mile business and ongoing rationalization initiatives.”
The restructuring of its logistics arm comes as Ayala prepares to sell 40 percent of the business to A.P. Møller Capital, an affiliate of the group that owns shipping giant Maersk.
The deal, first announced last March, is subject to final deal terms and regulatory approvals.
Miguel R. Camus has been a reporter covering various domestic business topics since 2009.
