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LBC allots $8.55m to buy 4 US affiliates

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.

Topics: Logistics company , LBC Express Holdings Inc. , Philippine Stock Exchange
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