MPIC acquiring more logistics firms

MANILA, Philippines - Metro Pacific Investments Corp. (MPIC) is planning to acquire at least three logistics firms, its chairman Manuel V. Pangilinan told reporters yesterday.

“I think most likely at least one this year,” he said when asked if all three acquisitions would be made this year.

Pangilinan, however, said there was no specific budget yet for the acquisitions, but indicated that MPIC would not acquire a company that is too small.

MPIC earlier said it is in talks with Air21 for a possible investment in the logistics firm.

MPIC is looking to invest more in its logistics business and acquisitions.

MPIC entered the logistics business in May 2016 when it acquired the assets of Basic Logistics Corp., A1 Move Logistics Inc., Philflash Logistics Inc. and BasicLog Trading and Marketing Enterprises for P2.17 billion.

Last year, MPIC completed the deal to acquire the assets of Ace Logistics, which is engaged in various aspects of logistics such as warehousing, courier express and parcel delivery, e-commerce delivery, trucking, freight forwarding, customs brokerage and domestic shipping for P280 million.

MPIC’s interest in logistics is driven by the strong demand for such services and returns offered by the business.

Aside from logistics, MPIC is in engaged in tollways, rails, water, power, and hospitals.