LBC Express Holdings Inc announced that its board has approved the acquisition of all the shares of its affiliates in the United States, particularly in Saipan, New Jersey, California and Hawaii, from an affiliate company.
LBC Express said it acquired 120,000 shares of its Saipan-based LBC Mabuhay Saipan Inc priced at $1.73 per share or for a total value of $207,652.
It said it also acquired 1.6 million shares of LBC Mabuhay North America Corporation in New Jersey at a price of $0.71 per share for a total cost of $1.136 million.
In addition, it also acquired 4.19 million shares of California-based LBC Mundial Corporation, at $1.64 per share, amounting to a total of $6.864 million.
Finally, it also acquired more than 1.5 million shares in LBC Mabuhay Hawaii Corporation at a price of $0.22 per share for a total purchase cost of $342,000.
In a disclosure on Thursday, LBC said that the acquisitions are expected “to benefit the Company by contributing to the global revenue stream of the Company.”
The acquisition of the companies, which offer cargo and remittance services in their respective areas, was made under a share purchase agreement with affiliate company, LBC Holdings USA Corporation.