LBC Express buys majority stake in Malaysian affiliate

LOGISTICS and remittance service provider LBC Express Holdings Inc. said it now controlled Malaysia- based LBC Mabuhay after it purchased 925 million shares in the latter for $461,782.

LBC Express told the local bourse on Wednesday that the acquisition translated to 92.5 percent ownership in LBC Malaysia, which is also engaged in the courier business.

“The acquisition is expected - tributing to the global revenue stream of the company,” it said

Last March, the group gained the United States, particularly in Saipan, New Jersey, California LBC Mabuhay Saipan Inc., LBC Mabuhay North America Corp. in New Jersey, California-based LBC Mundial Corp., and LBC Mabuhay Hawaii Corp.

In a separate disclosure, LBC Express said net income in the P1.19 billion from P443 million in the same period last year.

Service revenues climbed 18 percent to P5.78 billion, while revenues from its logistics business increased 19 percent to P5.194 billion driven by volume growth in its logistics services. by 18 percent to P1.964 billion from last year’s P1.667 billion.

Meanwhile, operating expenses went down 4 percent to P996 million.

Shares of LBC Express rose 3.01 percent to P15.04 each.