MPIC logistics arm buys 12% in Air21

The logistics unit of Metro Pacific Investments Corp. (MPIC) has completed its acquisition of a 12% stake in logistics services provider Air21, in line with its goal to become the leading player in the sector within the next two years.
Metropac Movers, Inc. (MMI) President and Chief Executive Officer Marilyn V. Aquino said it has sealed the deal last July, adding that the company has the option to further raise its ownership to as high as 100% in the future.
“12% is an entry point to understand the business more…Until we know the complexity of the business and the major challenges, then we can raise it…We have been granted certain rights to increase our stake. There is no cap,” Ms. Aquino told reporters during a media briefing organized by its parent in Makati City on Thursday.
The acquisition is part of the infrastructure conglomerate’s goal to step up its investments in the logistics sector, in a bid to keep up with the rising e-commerce industry and need for more warehousing spaces in the country. — Arra B. Francia