MANILA, Philippines — The Sy family’s conglomerate SM Investments Corp. is taking over 2Go Group Inc., strengthening its footprint in logistics during a period of upheaval for the industry.
SM is taking a controlling stake in 2Go after buying out major shareholder Chelsea Logistics and Infrastructure Holdings Corp., owned by Davao-based businessman Dennis A. Uy, the companies announced to the Philippine Stock Exchange on Friday.
The Inquirer reported on Monday that Chelsea was close to selling its entire stake in 2Go, one of the country’s leading logistics providers, to cut losses and to relieve pressure from growing debt obligations.
SM is buying the shares at P8.50 each. This value…
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