Logistics service provider LBC Express Holdings Inc. acquired a 50-percent stake in Brunei-based affiliate LBC Mabuhay Remittance SDN BHD for $558,000.
LBC Express said in a disclosure to the stock exchange the acquisition was expected to benefit the company by contributing to its global revenue stream.
The purchased was based on fair market valuation, LBC Express said. LBC Mabuhay Remittance SDB BHD engages in the business of remittance in Brunei.
The logistics company has been acquiring overseas affiliates as part of a plan to expand its international business and consolidate all foreign operations under the company.
LBC Express in March spent $8.55 million to acquire four affiliate US-based cargo and remittance companies. These are LBC Mundial Corp., which operates as a cargo and remittance company in California; LBC Mabuhay North America Corp., which a cargo and remittance company in New Jersey; LBC Mabuhay Hawaii Corp.; and LBC Mabuhay Saipan.
LBC Express in June purchased shares in four cargo and money transfer companies in Australia and Singapore. These are LBC Australia Pty Limited, LBC Money Transfer Pty Limited, LBC Express Airfreight Pte Ltd and the LBC Aircargo Pte Ltd.
LBC Express earlier expressed interest in acquiring affiliates in Hong Kong and in Europe.
LBC Express this year plans to open 80 branches across the country, including major cities as well as second- and third-class municipalities and provinces in Visayas and Mindanao.
Share price of LBC Express on Monday rose 4.4 percent to P14.82.