February 24, 2018, 10:31 pm
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Infra giant beefs up logistics biz

Infrastructure giant Metro Pacific Investments Corp. (MPIC), through its unit Metropac Movers Inc. (MMI), is eyeing to acquire two to three logistics firms this year, according to the company’s chairman, Manuel Pangilinan. 

Pangilinan refused to name the companies but assured that the deal with at least one of the logistic firms will be closed this year. 

“A number,two or three, on the burner. I think most likely at least one this year,”Pangilinan said when asked about MPIC’s logistics acquisition plans. 

Last year, Pangilinan said the company is in talks with Air21, a 38-year-old logistics firm owned by businessman Alberto Lina. 

MPIC, which has interests in water, power, hospital, rail and toll roads, has expanded its business venture to the logistics sector in 2016 with the acquisition of Basic Logistics Corp. 

It invested P2.45 billion to build its own logistics firm by acquiring small players, namely A1 Move Logistics, Philfalsh Logistics Inc., BasicLog Trading and Marketing Enterprises and AceLogistics, Inc.

Following the acquisition of a majority of Basic Logistics in 2016, MMI signed an agreement in January 2017 to acquire certain assets and business of Ace Logisticsfor an aggregate purchase price of P280 million. 

The acquisition was conditionally completed in April 2017. Ace is engaged in the business of logistics, including warehousing, courier express and parcel delivery, e-commerce delivery, trucking, freight forwarding, customs brokerage and domestic shipping. 

Ace also has a strong presence in pre-delivery inspection in the automotive industry, which MPIC intends to expand.
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