Screengrab from https://www.lbcexpress.com/
Logistics service provider LBC Express Holdings is acquiring four affiliate US-based cargo and remittance firms as part of a bid to expand its overseas business.
The biggest of these four US affiliates is LBC Mundial Corp., which operates as a cargo and remittance company in California. LBC agreed to purchase this affiliate for $6.86 million.
The Philippine Stock Exchange, for its part, deems this acquisition of LBC Mundial as a “substantial” acquisition that is covered by the disclosure rules for substantial acquisitions and reverse takeovers.
As such, trading on LBC shares was suspended on the PSE on Thursday pending additional information on this acquisition.
“The acquisition is expected to benefit the company by contributing to the global revenue stream of the company,” LBC said.
Another affiliate acquired by LBC was LBC Mabuhay North America Corp., which operates as a cargo and remittance company in New Jersey. This was acquired for $1.136 million.
LBC also acquired two other affiliates: LBC Mabuhay Hawaii Corp., for $342,000; and, LBC Mabuhay Saipan for $207,652.