SM Investments increases stake in 2GO Group to 67%

CONGLOMERATE SM Investments Corp. said Friday it increased its stake in 2GO Group Inc. to 67.12 percent from 52.8 percent after buying out minority stockholders in the shipping and logistics firm.

SMIC said in a stock exchange filing that of the 378.817 million 2GO shares owned by the public, 352,690 million shares were tendered from March 15, 2023 to April 28, 2023. The tendered shares were crossed on the Philippine Stock Exchange on Friday via a special block sale.

SMIC acquired the shares during the tender offer at P14.64 apiece, which translated into total transaction value of P5.163 billion.

The tender offer is in line with the conglomerate’s previously announced plan to delist 2GO from the local bourse.

SMIC, which has investments in banking, property and retail businesses, acquired the majority control of 2GO from businessman Dennis Uy in 2021.

Singapore-based fund Trident Investments Holdings Pte. Ltd. owns the remaining 31.73 percent of the total outstanding capital stock of 2GO.

Following the completion of the tender offer, the Philippine Stock Exchange on Friday suspended the trading of 2GO shares as its public float dropped below the 10-percent minimum requirement.

The company provides shipping, logistics and distribution services to consumers, small and medium enterprises, large corporations and government agencies throughout the Philippines.

It operates interisland roll-on/rolloff freight and passenger vessels and freighters and group offers transportation via air, land and sea; warehousing and distribution; cold chain solutions; domestic and international ocean and air forwarding services; customs brokerage; project logistics; and express and last mile package and e-commerce delivery.