Logistics company LBC Express Holdings Inc. said Thursday its board approved the acquisition of four affiliate cargo and remittance companies operating in California, New Jersey, Saipan and Hawaii for $8.55 million.
LBC Express said in a disclosure to the stock exchange the acquisition four affiliates would benefit the company by contributing to its global revenue stream.
Under the plan, LBC Express will pay $6.86 million to acquire LBC Mundial Corp., $1.4 million for LBC Mabuhay Hawaii Corp., $342,000 for LBC Mabuhay North America Corp. and $207,652 for LBC Mabuhay Saipan Inc.,
The Philippine Stock Exchange implemented a trading suspension of LBC Express shares as the acquisition is covered by rules on disclosure of substantial acquisitions and reverse takeovers.
Share price of LBC Express closed at P15 Wednesday.