MANILA — Logistics service provider LBC Express Holdings Inc. is acquiring four affiliate cargo and remittance companies based in the United States (US) for USD8.55 million, in a bid to boost its global revenue stream.
In separate disclosures to the Philippine Stock Exchange, LBC Express said it obtained approval from its board of directors to acquire all the shares in LBC Mundial Corporation, LBC Mabuhay Hawaii Corporation, LBC Mabuhay North America Corporation, and LBC Mabuhay Saipan Inc. under the share purchase agreement.
It will pay USD6.864 million, USD342,000, USD1.136 million and USD207,652 to these companies, respectively, in cash.
“The acquisition is expected to benefit the company by contributing to its global revenue stream,” said LBC.
LBC, through LBC Express, Inc., provides logistics services via a network of 1,000 branches located nationwide.
The LBC Group has also set up branches in various locations in North America, the Middle East, Asia Pacific, Europe and Oceania.(Leslie Gatpolintan/PNA)
