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Friday, March 29, 2024

LBC allots $8.55m to buy 4 US affiliates

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Logistics company LBC Express Holdings Inc. said Thursday its board approved the acquisition of four affiliate cargo and remittance companies operating in  California, New Jersey, Saipan and Hawaii for $8.55 million.

LBC Express said in a disclosure to the stock exchange the acquisition four affiliates would benefit the company by contributing to its global revenue stream.

Under the plan, LBC Express will pay $6.86 million to acquire LBC Mundial Corp., $1.4 million for LBC Mabuhay Hawaii Corp., $342,000 for LBC Mabuhay North America Corp. and  $207,652 for LBC Mabuhay Saipan Inc.,

The Philippine Stock Exchange implemented a trading suspension of LBC Express shares as the acquisition is covered by rules on disclosure of substantial acquisitions and reverse takeovers.

Share price of LBC Express closed at P15 Wednesday.

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