MANILA - SM Investments Corp said Tuesday it would acquire 34.5 percent of the total outstanding shares of Negros Navigation Co, the majority shareholder of 2GO Group Inc.
SM is venturing into the logistics business with its acquisition of a minority stake in 2GO, which was announced last week.
The conglomerate told the stock exchange that it would acquire 888,467,234 shares of Negros Navigation at $0.14 per share or $124.5 million.
A logistics business will help the SM Supermalls operator venture into online retailing, Sunlife Financial Philippines chief investment officer Mike Enriquez said.
"That's one of the key things they don't have yet into their huge retail business. They need to transport their goods," Enriquez told ANC's "Market Edge with Cathy Yang.
SM Investments shares were down 0.07 percent to P698 while 2GO shares were down 2.86 percent to P0.40.