MANILA -2GO Group Inc. has received the approval for its voluntary delisting from the main board of the stock exchange and merger with Special Container and Value Added Services Inc. (SCVASI) from the stockholders.
In a recent disclosure, the logistics company said that the stockholders owning 97.86 percent of the company’s outstanding capital stock gave the green light for both transactions.
“No votes were cast against the voluntary delisting of the company,” it said.
The delisting comes after SM Investments Corp. approved the tender offer for up to 378.82 million common shares of 2GO, representing 15.4-percent stake in the company.
Meanwhile, the merger of 2GO and wholly-owned subsidiary SCVASI—with the listed company as the surviving entity—was approved by the board on Feb. 22.
SCVASI provides a wide range of services, including in-land and domestic freight reefer transportation, reefer van lease and maintenance and cold storage.
Last year, 2GO earned profits amounting to P312 million, a turnaround from P1.14-billion net losses in 2021. Its recovery was supported by the reopening of the economy that has allowed more passenger and cargo movement.
https://business.inquirer.net/388014/2go-erases-losses-after-economy-reopens
Total topline figures grew by 25 percent to P19.3 billion for the period.
“Improving market conditions aided volume momentum in shipment of goods while the holiday season boosted passenger numbers,” 2GO explained.
Revenues from logistics and other services were driven by growth in cold chain services, forwarding, e-commerce fulfillment and international courier segment.
2GO invested in automated sorting and transport management systems to better handle operations amid rising demand for its services. It also acquired two roll-on/roll-off passenger vessels as part of its fleet modernization plan.