LBC to acquire 30 pct interest in Orient Freight International

ABS-CBN News

Posted at Mar 20 2018 09:40 AM

MANILA - LBC Express Holdings Inc said Tuesday it secured board approval to acquire a 30-percent interest in cargo firm Orient Freight International.

LBC told the stock exchange that it would by 1.15 million common shares held by Rayomar Management Inc in Orient Freight and subscribe to an additional 3.29 million common shares out of the target's unissued capital stock.

Shares of LBC Express were down 4.84 percent to P14.56 in early trading Monday, compared to a 0.76-percent decline on the main index.