The acquisition is expected to benefit the company by contributing to the global revenue stream of the company.
LBC purchased the shares of Mermaid Co’s stakeholders Tsukasa Takahashi, Mediatrix Takahashi and Eiichi Gotoh.
Listed courier on Monday said it acquired Japanese shipping company Mermaid Co. Ltd. for $200,000 as part of its bid to expand overseas operations.
In a disclosure to the stock exchange, the logistics service provider said it has purchased the shares of Mermaid Co’s stakeholders Tsukasa Takahashi, Mediatrix Takahashi and Eiichi Gotoh under an acquisition agreement approved by LBC’s board on 31 October.
The 180 total shares were priced at $1,111 per share for a total purchase price of $200,000 which LBC said will be paid in cash.
Three decades after the Marcopper mining disaster devastated Marinduque’s waterways, the province is again pressing the…
Housing is probably the biggest issue affecting people the world over.
Malacañang on Monday called for a more thorough investigation into the questioned flood control projects in Taguig…
The defense on Monday backed the move by senator-judges to exclude a prosecution witness who testified on the firearms…
“Mermaid Co., Ltd. Operates a service for the shipping of household and other goods from expatriates living in Japan to their respective home countries, known as the ‘Balikbayan Box’,” LBC said.
“The acquisition is expected to benefit the company by contributing to the global revenue stream of the company.”
Meanwhile, LBC said the transaction is still subject to payment and approvals from relevant government agencies.
LBC registered 54 percent lower net income in the first half of the year, to P548.95 billion from P1.196 billion in the same period last year due to higher expenses, lower foreign-exchange gains, as well as net loss from an acquired entity, and the adaption of new accounting standards leading to higher depreciation and interest expenses.
