The country’s largest conglomerate, SM Investments Corp. (SMIC), has gained majority control of logistics group Airspeed, one of the country’s largest end-to-end logistics solutions and express courier companies.
SMIC obtained approval from its board to increase its stake in AIC Group of Companies Holding Corp., which operates Airspeed, to 51 percent from the current 35 percent. This transforms Airspeed, erstwhile just a portfolio investment, into its newest subsidiary.
The consideration for the acquisition was less than 10 percent of the total book value of SMIC, the Sy family-led conglomerate said in a disclosure to the Philippine Stock Exchange on Wednesday.
“Our partnership with SMIC is based on the same vision and values we have in building businesses, so we can be sustainable, building communities and building lives,” Airspeed chair and president Rosemarie Rafael said in a text message to Inquirer.
“By working together and combining the values we have in logistics, we will be able to reach and connect more businesses and MSMEs (micro, small and medium enterprises).”
SMIC acquired an initial 35-percent stake in Airspeed in November 2018. Established by Rafael in 1985, Airspeed is a corporate logistics company focused on freight forwarding solutions, customs releasing, customized logistics and warehousing and distribution. It is now one of the country’s fastest growing logistics brand serving the B2B (business to business) and B2C (business to consumer) markets.
This transaction expands SMIC’s footprint in the fragmented logistics industry. Apart from Airspeed, SMIC also controls 2GO Group Inc., which provides shipping, logistics and distribution services.
Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Call 896 6000.