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SM Investments Corp. has completed its tender offer for shares of its logistics subsidiary, 2GO Group, Inc
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SMIC tendered 352.691 million common shares of 2GO for a total transaction value of P5.163 billion, with offer price of P14.64 per common share
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The offer was conducted from March 15 to April 28
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As a result, SMIC’s shares in 2GO will be 1.655 billion common shares or 67.21% of the total outstanding capital stock of the logistics company
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The tender offer is part of SMIC’s plan to take 2GO private
SM Investments Corp. (SMIC) has completed its tender offer for shares of its logistics subsidiary, 2GO Group, Inc.
SMIC tendered 352.691 million common shares of 2GO for a total of P5.163 billion at an offer price of P14.64 per common share and conducted from March 15 to April 28, SMIC said in a regulatory disclosure. The P5.163 billion will be crossed on May 5, SMIC added.
The tendered common shares is 93% of the 378.817 million common shares of 2GO that SMIC last March announced would be up for a tender offer as it intends to take the logistics company private.
The 378.817 million common shares constitute 15.39% of the issued and outstanding common capital stock of 2GO.
With the result of the tender offer, SMIC’s shares in 2GO will be 1.655 billion common shares or 67.21% of the total outstanding capital stock of the logistics company. Trident Investments Holdings Pte. Ltd., meanwhile, currently owns 781.122 common shares or 31.73% of the total outstanding capital stock of 2GO.
SMIC earlier said as majority shareholder, the tender offer is aimed to take the logistics company private and provide the conglomerate with “greater exposure to the long-term growth and financial success of 2GO.”
Stockholders during the annual stockholders’ meeting on April 18 also approved the voluntary delisting of 2GO from the main board of the Philippine Stock Exchange.
SMIC in 2017 acquired a minority stake in 2GO and in June 2021 has increased its stakes in the logistics service provider to 52.85% and made it a subsidiary.
2GO provides integrated transportation and logistics services with five business units, namely, 2GO Sea Solutions, 2GO Special Containers, 2GO Logistics, 2GO Express, and 2GO Distribution.
The group delivered a net income of P312 million in 2022, a turnaround from the net loss of P1.14 billion in 2021 and the first annual profit since 2017.
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