LBC Express Holdings, Inc. acquired a stake in two Brunei-based logistics firms, as it continued to consolidate its international affiliates.
In separate disclosures to the stock exchange on Monday, the listed logistics and money services firm said it has acquired 500 shares in LBC Mabuhay (B) SDN BHD (LBC Mabuhay Brunei) for a total of $225,965, or $451.93 each. This represents 50% of the company’s outstanding shares.
LBC also purchased one share in LBC Mabuhay Remittance SDN BHD (LBC Mabuhay Remittance Brunei) for $557,804, representing half of the company’s outstanding stock.
LBC Mabuhay Brunei is involved in logistics, while LBC Mabuhay Remittance engages in the remittance business in Brunei.
“The acquisition is expected to benefit the company by contributing to the global revenue stream of the company,” LBC said for both transactions.
The company will be paying both transactions in cash.
LBC has been snapping up its cargo and remittance affiliates since the start of the year. It acquired in March LBC Mundial Corp., LBC Mabuhay Saipan, Inc., LBC Mabuhay Hawaii Corp., and LBC Mabuhay North America Corp. for a total of $8.5 million.
In the same month, the company also purchased a 30% stake in Orient Freight International, Inc. for P218.88 million. It further acquired an 86.11% share in QUADX, Inc., a firm that owns, maintains, and operates an online marketplace and retail store.
The firm then acquired $461,782 worth of shares in Malaysia-based LBC Mabuhay last August.
LBC earlier said that it plans to consolidate its international affiliates this year, specifically those located in the United Kingdom, Italy, Spain, Germany, and Hong Kong.
The company’s net income attributable to the parent surged 134.63% to P1.128 billion in the first six months of 2018, as gross revenues rose 18% to P5.78 billion.
Shares in LBC jumped 4.37% or 62 centavos to close at P14.82 each at the stock exchange on Monday. — Arra B. Francia
