LBC Express Holdings of the Araneta family is putting in more funds into its wholly-owned delivery and remittance subsidiary.

LBC putting employee safety first

The LBC board led by its chairman, president and CEO Miguel Angel Camahort approved the additional investment of up to P2 billion in LBC Express Inc. (LEI).

The new investments will be used to refinance LEI’s maturing obligations and to fund tax payments and other expenses.

“Such additional investment is expected to contribute to the continuous business operations of LBC Express as the leading provider of courier and freight forwarding services, as well as a leading non-bank provider of domestic remittance services and inbound international remittance services in the Philippines,” said LBC.

LBC’s express delivery, cargo shipping and remittance services are offered through 6,400 locations, partners and agents in more than 30 countries.

The company has bounced back to surpass pre-pandemic levels this year. It posted a profit of P310.6 million in the first half from a net loss of P502 million during the same period in 2020.

LBC’s net income is nearly five times the P71 million it made in the first half of 2019.

The post Araneta family to pour in P2B to pay LBC Express debt first appeared on Bilyonaryo Business News.



Araneta family to pour in P2B to pay LBC Express debt
Source: Filipino Daily Inquirer