International logistics professionals joined the board of 2Go Group Inc. as conglomerate SM Investments Corp. completed its takeover on Thursday.
2Go disclosed to the Philippine Stock Exchange that Stephen Ly, former managing director of DHL Global Forwarding-Singapore, and Sam Ang Sing Mein, an industry veteran with 35 years of experience and former CEO of Quantium Solutions International and DHL Global Forwarding Southeast Asia, were appointed directors on June 3.
Also joining the board was Chan Kiat, managing director and partner at private equity firm Archipelago Capital Partners and former executive vice president at Singapore Post Ltd., the country’s postal service provider.
They replaced Davao-based businessman Dennis A. Uy, Ma. Concepcion F. de Claro and Chryss Alfonsus V. Damuy, following their resignation after Uy’s Chelsea Logistics and Infrastructure Holdings Corp. sold its 31.73 percent stake in 2Go.
Frederic DyBuncio, president and CEO of both SM Investments and 2Go, would also assume the role of 2Go chair.
Chelsea sold its entire stake in 2Go to SM Investments Corp. and Trident Investments Holdings Pte. Ltd., which is controlled by Archipelago Capital, for P6.64 billion or P8.50 per share.
The deal was first announced last March 19.
SM Investments, which is an existing shareholder of 2Go, acquired 550.56 million shares, bringing its stake to a controlling 52.85 percent.
Trident acquired 230.56 million shares from Uy’s group and 550.56 million shares from another 2Go shareholder, China-Asean Marine B.V.
The combined transactions gave Trident a 31.73 percent stake in 2Go, making it the second-biggest shareholder after SM Investments.
SM Investments is one of the country’s largest companies and the main holding group of the Sy family’s property, banking and retail businesses. Chelsea is the logistics arm of Uy’s Udenna Corp., whose businesses included property, hospitality, retail, gaming and telecommunications.
2Go provides passenger and cargo shipping, warehousing and distribution, cold chain solutions, domestic and international ocean and air forwarding services, customs brokerage, project logistics, and last mile package and e-commerce delivery.
2Go was among the business badly hit by the COVID-19 pandemic. Losses in the first quarter of 2021 more than doubled to P291.12 million from P108.9 million as revenues fell 23 percent to P3.99 billion.