Philippine-based LBC Express Holdings, Inc. (LBCEHI) has acquired stakes in two of its subsidiaries in Brunei for US$783,769 as it continues to buy into more companies outside the country.
In a regulatory disclosure, LBCEHI said that under a share purchase agreement, it has acquired from Jamal Limited 500 shares in LBC Mabuhay (B) SDN BHD. The purchase price of $225,965 will be paid in cash to Jamal Limited, whose shares represent 50% ownership in the acquired company.
In a separate disclosure, LBCEHI said it has also bought from Jamal Limited one share in LBC Mabuhay Remittance SDN BHD, in which Jamal’s share represents 50% ownership. LBCEHI will also pay the acquisition price of $557,804 in cash.
LBC Mabuhay (B) and LBC Mabuhay Remittance are engaged in the business of logistics and money remittance, respectively, in Brunei.
LBCEHI said the acquisitions are expected to contribute to the global revenue stream of the group.
The courier, cargo, and remittance company has been acquiring ownership of subsidiaries from different parts of the world as it steadily expands both its domestic and global reach.
Last August, LBCEHI also acquired from Jamal Limited 92.5% ownership in LBC Mabuhay (Malaysia) SDN BHD.
Last June, LBCEHI’s Board approved the purchase of 100% of the shares of LBC Australia Pty Limited, LBC Money Transfer Pty Limited, LBC Express Airfreight (S) Pte Ltd, and LBC Aircargo (S) Pte Ltd.
Last March, the group acquired four cargo and remittance companies operating in the United States for $8.55 million. In the same month, it disclosed the incorporation of a Singaporean private limited company, Diez Equiz Pte. Ltd., to diversify its businesses and use the acquired firm for investment opportunities.
LBCEHI currently operates in more than 20 countries overseas, with a network of over 1,200 branches and a pool of 5,300 partner agents.
In the Philippines, it operates three main hubs for sea cargo in Manila, Clark, and Cagayan de Oro. It runs 78 delivery hubs, managing a team of 1,410 delivery associates and over 6,000 employees across the country.
