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Philippines: LBC acquires remittance firm in Brunei
MANILA, Philippines — LBC Express Holdings Inc., the listed logistics company, has acquired LBC Mabuhay Remittance Brunei Remittance SDB Bhd after acquiring the shares of the latter’s majority shareholders.
In separate disclosures yesterday, LBC Express said the company signed a share purchase agreement to acquire from Jamal Ltd. 50 percent ownership in LBC Mabuhay Remittance Brunei for $557,804.
It also acquired shares from Jamal Ltd., representing 50 percent of the acquired company for $225,956.”
“The acquisition is expected to benefit the company by contributing to the global revenue stream of the company,” LBC Express said.
LBC Express has been expanding here and abroad. It has also been consolidating its affiliate businesses both within the Philippines and across the globe.
In March, it announced its foray into the digital space with the acquisition of QuadX Inc.
LBC acquired 86.11 percent of the digital logistics company which was established in 2013.
Source: https://www.philstar.com/business/2018/10/18/1860878/lbc-acquires-remittance-firm-brunei#KsHGaT4705KIecfp.99