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Manila's Federal Resources acquires troubled Philippines LBC Express
MANILA's Federal Resources Investment Group Incorporated has acquired LBC Express, initially an air cargo forwarder and the first to introduce 24-hour air cargo delivery service.
The Philippine central bank earlier blamed the failure of LBC Express to pay the cash advances made by LBC Bank, leading to its downfall, reported Manila news portal Rappler.com. It is now bankrupt.
The acquisition paves the way for the backdoor listing of the Araneta-owned courier and freight forwarding services firm.
Federal Resources, recently acquired by LBC Development, said its board approved the acquisition of 1.04 billion issued and outstanding shares of LBC Express worth PHP1 billion (US$21.92 million).
In a disclosure to the stock exchange July 30, Federal Resources said its board approved the change in the company's corporate name to LBC Express Holdings Incorporated.
Federal Resources said to fund the acquisition of LBC Express it will increase its authorised capital stock to three billion common shares with a par value of PHP1 per share from current PHP100 million authorised capital stock.
LBC Express, then known as Luzon Brokerage Corporation, was founded in the 1950s as a brokerage and air cargo event.
The company offers the widest coverage and network with over 700 branches nationwide. LBC, with over 60 years of operating history, has become a household name in courier and forwarding services.
It also provides non-bank, domestic remittances services and inbound international remittances in the Philippines. LBC Express is an affiliate of LBC Development Bank, a thrift bank that closed down in 2011.
Mr Chatelet said CMA CGM's clients placed high value on on-time delivery and the direct connection to Halifax opened up new rapid delivery options via Halterm for the Columbus service.
The Philippine central bank earlier blamed the failure of LBC Express to pay the cash advances made by LBC Bank, leading to its downfall, reported Manila news portal Rappler.com. It is now bankrupt.
The acquisition paves the way for the backdoor listing of the Araneta-owned courier and freight forwarding services firm.
Federal Resources, recently acquired by LBC Development, said its board approved the acquisition of 1.04 billion issued and outstanding shares of LBC Express worth PHP1 billion (US$21.92 million).
In a disclosure to the stock exchange July 30, Federal Resources said its board approved the change in the company's corporate name to LBC Express Holdings Incorporated.
Federal Resources said to fund the acquisition of LBC Express it will increase its authorised capital stock to three billion common shares with a par value of PHP1 per share from current PHP100 million authorised capital stock.
LBC Express, then known as Luzon Brokerage Corporation, was founded in the 1950s as a brokerage and air cargo event.
The company offers the widest coverage and network with over 700 branches nationwide. LBC, with over 60 years of operating history, has become a household name in courier and forwarding services.
It also provides non-bank, domestic remittances services and inbound international remittances in the Philippines. LBC Express is an affiliate of LBC Development Bank, a thrift bank that closed down in 2011.
Mr Chatelet said CMA CGM's clients placed high value on on-time delivery and the direct connection to Halifax opened up new rapid delivery options via Halterm for the Columbus service.
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