PH’s LBC buys Japan-based courier service firm | Inquirer Business
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PH’s LBC buys Japan-based courier service firm

/ 03:45 PM November 04, 2019

Logistics service provider LBC Express Holdings Inc. has bought Japan-based courier provider Mermaid Co. Ltd. as part of its plan to have a presence overseas.

In a disclosure to the Philippine Stock Exchange on Monday, LBC said it had acquired all 180 shares of Mermaid shareholders Tsukasa Takahashi, Mediatrix Takahashi and Eiichi Gotoh for $1,111 per share or a total cash price of $200,000.

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Mermaid operates a service to ship household and other goods from expatriates living in Japan to their home countries, known as the “balikbayan box”. It offers door-to-door package service from Japan to overseas recipients.

The disclosure said the purchase of Mermaid would improve the “global revenue stream of the company.”

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Sellers are not related to LBC nor its affiliates. LBC, in recent years, has been increasing investments in overseas cargo and remittance firms./TSB

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TAGS: Balikbayan Box, household goods, LBC, logistics, PSE, shares
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