Aboitiz Equity Ventures, the holding company of the Aboitiz family, has granted the request of the buyer of its transport business to push back the deadline to finalize the sale.

Last September, AEV agreed to sell its 93.03 stake in Aboitiz Transport System Corp (ATSC) to a Filipino-Kuwait consortium, KGL-NM Holdings.

The sale of ATSC, which used to be the Aboitiz business empire's inter-island shippping and logistics arm, was subject to KGL-NM's due diligence review.

KGL-NM requested to extend its due diligence review period by one more month or until December 19, 2008.

The sale, initially worth P4.65 billion, involves 2.28 billion shares priced at P2.044 per share.

ATSC owns popular transport brands, SuperFerry, SuperCat, and Cebu Ferries.

ATSC has been the Cebu-based elite Aboitiz family's crown jewel for decades, but the transport business, especially that which involves sea-traveling passengers, has been struggling amidst oil price volatilities and a changing business landscape. Transport alternatives, such as domestic budget airlines that now offer dirt cheap air fares, have made competition tough.

The buyer, KGLI-NM is a 60-40 partnership between Dutch company, KGL Investment BV, and the Negros Holdings and Management Corporation, the holding firm of a smaller player in the local inter-island transport business.

KGL Investment BV is benefiacially owned by Kuwaiti-based KGL Investment Company, which has investments in port and port-related businesses and other logistics related businesses in the Philippines through the establishment of an air-transportation logistics complex in Clark Field, Pampanga.