LBC takes control of 4 overseas units
Logistics provider LBC Express Holdings has acquired the majority stakes in four of its affiliate companies overseas for a total of $4.5 million.
In a regulatory filing, LBC identified the affiliates as LBC Express Airfreight (S) PTE Ltd in Singapore, which was acquired for $2.4 million; LBC Australia PTY Ltd, $1.8 million; LBC Money Transfer PTY Ltd also in Australia, $194,535; and LBC Aircargo (S) PTE Ltd, registered in Singapore but operating a branch in Taiwan, which was acquired for $146,013.
This is in line with the company’s strategy to fold into the holding firm all LBC units.
“The acquisition is expected to benefit the company by contributing to its global revenue stream,” LBC said.
Since March 2018, LBC has been purchasing its international affiliates for the purpose of expanding its global revenue.
LBC has acquired LBC Mabuhay North America Corp., which operated as a cargo and remittance company in New Jersey. This was acquired for $1.136 million.
Two other affiliates acquired were LBC Mabuhay Hawaii Corp., bought for $342,000, and LBC Mabuhay Saipan, $207,652.
Purchase prices were based on fair market valuation, it said.
LBC, through 1,000-branch LBC Express Inc., provides logistics services to retail and corporate customers nationwide, and provides money transfer services domestically and internationally. The LBC group also has branches in North America, the Middle East, Asia-Pacific, Europe and Oceania.
