MVP Group buys 12% of Air21
Metro Pacific Investments Corp. (MPIC) has expanded its presence in the logistics sector with the acquisition of a 12 percent interest in Air21.
The purchase is in line with MPIC’s goal to become a major player in the logistics business.
MPIC unit Metropac Movers Inc. acquired the stake last month at an undisclosed price. It has an option to increase its shareholding in Air21 to as much as 100 percent in the future.
“We feel 12 percent is a good entry point to understand the business more. … Until we know the complexity of the business and the major challenges, then we can raise our investment,” MMI chief executive officer Marilyn V. Aquino told reporters.
Majority owned by businessman Alberto Lina,
Air21 provides door-to-door deliveries, land transfer services and warehouse management for inventories and ship transfer.
MPIC enttered the logistics business in 2016 with the purchase of the business and contracts of Basic Logistics and its affiliated companies.
MMI recently bought from Property Company of Friends Inc. a 20-hectare property in Cavite in line with its bid to more than double its warehousing capacity in the next two years.