LBC EXPRESS Holdings, Inc. said on Monday that it bought shares in Japanese shipping company Mermaid Co. Ltd. for $200,000 or P10.1 million.
In a disclosure to stock exchange on Monday, LBC said it purchased all the shares of “Mr. Tsukasa Takahashi, Mrs. Mediatrix Takahashi and Mr. Eiichi Gotoh in Mermaid Co. Ltd.” under an acquisition agreement.
LBC said Mermaid ships household and other goods from expatriates living in Japan to their home countries.
The Araneta-led logistics firm said further that the acquisition is expected to benefit the company by contributing to its global revenue stream.
LBC offers both logistics through LBC Express, Inc. and money transfer services. Its logistics business, which has 1,000 branches nationwide, serves both retail and corporate customers while the money transfer business comprises both domestic and international money transfer services.
The company has committed to open 70 to 100 branches every year. The LBC Group has also branches in North America, the Middle East, Asia Pacific, Europe, and Oceania.
LBC Express’ net income attributable to the parent fell by 53% to P561.88 million in the first half of 2019, amid a 34% jump in gross revenues to P7.85 billion. — Arjay L. Balinbin
