Philippines: SM buys stake in 2Go Group, enters logistics business

Brand Logo from the company website

Conglomerate SM Investments Corp (SM) has forayed into the logistics business with the acquisition of a 34.5 per cent stake in supply chain operator 2Go Group.

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.

Also Read:

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Following vacancies can be applied for (only in Singapore).   

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.