Pasay City, Philippines, 2017-Apr-03 — /EPR Retail News/ — SM Investments Corporation (SMIC) completed the acquisition of a minority stake in 2Go Group via a 34.5% stake in its parent company. 2Go is the country’s largest integrated supply chain operator whose businesses include shipping, freight forwarding, warehousing, and express delivery services.
“We are pleased with this opportunity to invest in a fast growing, dynamic logistics business. It will benefit from, as well as contribute to the country’s economic progress especially as development spreads to the provinces” said Mr. Harley Sy, President of SMIC. Earlier this month when the company released its annual results, Mr. Sy said that the group is optimistic about broader regional growth with the government plans in infrastructure, agriculture and tourism.
About SM Investments Corporation
SM Investments Corporation (SMIC) is one of the leading conglomerates in the Philippines with highly synergistic businesses in retail, banking and property development. SMIC is one of the more responsible companies in the country due to its progressive approach in business and its comprehensive sustainability programs for its host communities through SM Foundation and SM Cares.
SMIC’s retail operations enjoy a strong brand franchise consisting of THE SM STORE; a strong portfolio of leading specialty retailers including Ace Hardware, SM Appliances, Homeworld, Our Home, Toy Kingdom, Watsons and others; and its food retail chains, namely SM Supermarket, SM Hypermarket, Savemore and WalterMart stores. SM’s property arm, SM Prime Holdings, Inc., is one of the largest integrated property developers in the Philippines with interests in mall, residential, commercial and tourism development. SMIC’s interests in banking are in BDO Unibank, Inc. (BDO), the country’s leading bank and in China Banking Corporation (China Bank), the sixth largest private bank. Combined, these two banks have a network of over 1,600 branches nationwide.
For further information, please contact:
Ms. Corazon P. Guidote
Senior Vice President for Investor Relations
SM Investments Corporation
Tel. No. (632) 857-0117
Source: SM Investments Corporation