Philippine courier and cargo, money remittance, and logistics services provider LBC Express Holdings, Inc. (LEHI) is buying four cargo and remittance companies in Australia, Singapore, and Taiwan for US$4.599 million.
LEHI’s Board on June 27 approved the purchase of 100% shares of LBC Australia Pty Limited, LBC Money Transfer Pty Limited, LBC Express Airfreight (S) Pte Ltd, and LBC Aircargo (S) Pte Ltd, the company said in a disclosure to the Philippine Stock Exchange. LEHI is buying in cash 100% shares of Jamal Limited in each of the four companies through share purchase agreements.
LEHI said the acquisition “is expected to benefit the company by contributing to its global revenue stream.”
The company is spending $1.843 million to buy 100% shares of LBC Australia, which operates as a cargo company in Australia, and $194,535 to acquire LBC Money Transfer, a remittance company also in Australia.
A total of $2.415 million will be spent to acquire LBC Express Airfreight, which operates as a cargo company in Singapore. LBC Aircargo, a company registered in Singapore that operates a cargo branch in Taiwan, will be bought for $146,013.
Last March, LEHI 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 LEHI businesses and use the acquired firm to house possible or future investment opportunities.
The LBC Express group is steadily expanding both its domestic and global reach. Overseas, it currently operates in more than 20 countries, 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.