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