SM acquired over 884.4 million shares of 2Go’s majority shareholder Negros Navigation Co Inc, priced at $0.14 per share, for a total of $124.5 million. The amount was considered based on fair market value. Nenaco is the country’s largest integrated supply chain operator and one of the pioneer domestic shipping firms.
“We are pleased with this opportunity to invest in a fast growing, dynamic logistics business,” said SM president Harley Sy in a statement released on Friday (March 31).
2Go is the country’s largest integrated supply chain operator whose businesses include shipping, freight forwarding, warehousing, and express delivery services.
The listed logistics giant owns and operates popular brands such as 2GO Travel, 2Go Freight, 2GO Express, and 2GO Logistics, offering logistics and travel services.
2Go maintains joint venture partnerships with renowned global supply chain companies such as Kerry ATS Logistics, Hapag Lloyd and Hansa Meyer – ATS Projects.
SM is also engaged in retail, property, financial services, among others. Its subsidiaries are The SM Store, SM Supermarkets, SM Hypermarkets, SaveMore, Waltermart Supermarket Inc, SM Prime Holdings Inc, BDO Unibank, China Banking Corp), including Belle Corp, Atlas Consolidated Mining & Development Cor, and The Net Group.