MANILA - SM Investments said Friday it acquired a minority stake in 2GO Group Inc, marking its entry into the logistics space.

The conglomerate chaired by the country's richest man, Henry Sy Sr, told the stock exchange that it took in 34.5 percent of 2GO's parent firm.

"We are pleased with this opportunity to invest in a fast growing, dynamic logistics business. It will benefit from, as well as contribute to the country’s economic progress especially as development spreads to the provinces,” SM Investments president Harley Sy said in a statement.

Sy said SMIC was "optimistic about broader regional growth with the government plans in infrastructure, agriculture and tourism."

SM Investments' businesses include SM Supermalls, condo developer SM Development Corp, Conrad Hotel, BDO Unibank and Chinabank.

Shares of SM Investments rose 0.14 percent to P697, while 2GO shares were up 0.73 percent to P9.65.