LBC EXPRESS Holdings, Inc. (LBC) on Thursday said it is acquiring four remittance and cargo companies, which offer LBC services in Australia and Singapore.
In a disclosure to the stock exchange, LBC said its board of directors gave the green light to buy LBC Australia PTY Ltd., LBC Money Transfer PTY Ltd., LBC Express Airfreight (S) PTE Ltd., and LBC Aircargo (S) PTE Ltd. from Jamal Ltd.
“The acquisition is expected to benefit the Company by contributing to its global revenue stream,” it added.
LBC said it will pay $2.4 million in cash to acquire LBC Express Airfreight, which operates as a cargo company in Singapore; and $1.84 million to acquire LBC Australia.
It will purchase LBC Money Transfer for $194,535, and LBC Aircargo for $146,013. LBC Money Transfer is a remittance company in Australia, while LBC Aircargo is a cargo company registered in Singapore and operates a branch in Taiwan.
In March, LBC announced it acquired a 30% stake in Orient Freight International, Inc. for P218.88 million. Orient Freight engages in freight forwarding, warehousing, and customs brokerage businesses that has operations in the Philippines and in Southeast Asia. — Denise A. Valdez