MPIC eyes 3 acquisitions in logistics space
Metro Pacific Investments Corp. plans to acquire at least two more logistic firms to to further strengthen in presence in the sector.
MPIC chairman Manuel Pangilinan said the group was looking to seal at least one deal this year.
The local flagship of Hong Kong-based First Pacific Co. Ltd. earlier said it was in talks to acquire freight and cargo forwarding firm Air21 of businessman Alberto Lina.
Air21 is engaged in door-to-door courier delivery, cargo transportation, warehousing, crating, bulk shipments and mailing.
It also operates the premium airport bus service UBE Express.
MPIC entered the logistics sector in May 2016 with the acquisition of the assets of mid-size corporate logistics provider Basic Logistics. It subsequently established Metro Pacific Movers Inc. to provide logistics, shipping, freight forwarding and e-commerce services.
The group has earmarked P5 billion over a five-year period to build up its logistics business.