LBC buys into Japanese 'balikbayan box' shipping operator

ABS-CBN News

Posted at Nov 04 2019 10:50 AM

A photo of an LBC Express kilobox. Photo: LBC Express' official website

MANILA – LBC Express Holdings Inc said Monday said it acquired shares in Japanese "balikbayan box" shipping firm Mermaid Co Ltd. 

The logistics firm bought the shares of Tsukasa Takashi, Mediatrix Takashi and Eiichi Gotoh in Mermaid Co Ltd for $200,000 (P10.1 million), LBC said in a disclosure to the stock exchange. 

No other details were given. 

“The acquisition is expected to benefit the company by contributing to the global revenue stream of the company,” the statement said. 

The deal is subject to regulator approval, LBC said.