(Source: Philippine Star | 1 April 2017)
SM Investments Corp. (SMIC) has entered the logistics business with its acquisition of a minority stake in 2Go Group Inc.
SMIC said yesterday it completed the purchase of a 34.5 percent stake in 2Go, the country’s largest integrated supply chain operator.
“We are pleased with this opportunity to invest in a fast growing, dynamic logistics business. It will benefit from, as well as contribute to the country’s economic progress especially as development spreads to the provinces” SMIC president Harley Sy said.
2Go is in the businesses of shipping, freight forwarding, warehousing, and express delivery services.
Early this month, Sy expressed the conglomerate’s optimism about broader regional growth with the ambitious government programs in infrastructure, agriculture and tourism.
The acquisition is expected to support SMIC’s strong retail operations led by The SM Store and retail chains SM Supermarket, SM Hypermarket, Savemore and WalterMart stores.
It also has a strong portfolio of leading specialty retailers including Ace Hardware, SM Appliances, Homeworld, Our Home, Toy Kingdom and Watsons, among others.
2Go, for its part, was formerly known as William, Gothong & Aboitiz Inc. before the Securities and Exchange Commission approved a subsequent change of its corporate name to the present one in 2012.
As of end-2015, the publicly listed logistics firm and its subsidiaries have a total fleet of 23 operating vessels, of which 19 are company-owned ships.
2Go has four direct subsidiaries namely, 2Go Express Inc., The Supercat Fast Ferry Corp, NN-ATS Logistics Management & Holdings Co. Inc. and Special Container and Value Added Services Inc.
-Richmond Mercurio
Read More: http://www.philstar.com/business/2017/04/01/1686394/smic-acquires-minority-stake-2go-group
