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SM Investments Corp. is raising its shareholdings in AIC Group of Companies Holding Corp. (Airspeed) to 51%, which will make the integrated logistics firm its subsidiary
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SMIC’s board approved on August 24 the company’s plan to bump up its 35% holding in Airspeed into a controlling stake
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SMIC initially bought in 2018 into Airspeed, the parent of several logistics firms, as it expanded its own logistics portfolio
SM Investments Corp. (SMIC) is taking control of AIC Group of Companies Holding Corp. (Airspeed), increasing its stake to 51% and making the integrated logistics firm its subsidiary.
The SMIC Board on August 24 approved a plan to acquire common shares of Airspeed that will increase the conglomerate’s current 35% shareholding in the logistics firm’s outstanding voting capital stock.
The acquisition will make Airspeed a subsidiary of SMIC, the conglomerate said in a regulatory disclosure. It added that the consideration for the acquisition is less than 10% of the total book value of SMIC.
SMIC initially bought shares in Airspeed in 2018 as it expanded its portfolio in logistics.
“Our partnership with SMIC is based on the same vision and values we have in building businesses, so we can be sustainable; which will later have impact in building communities and lives we support,” Airspeed founder and chairperson Rosemarie Rafael said in a statement sent to PortCalls.
“By working together and combining the values we have (in logistics), we will be able to reach and connect to more businesses and MSMEs,” she added.
Airspeed is focused in freight forwarding solutions, customs releasing, customized logistics, warehousing and distribution.
RELATED READ: Airspeed unveils temperature-controlled facility
It is the parent company of several logistics firms such as Airspeed International Corp., ASP Airspeed Philippines, Inc.; ASX Airspeed Express, Inc.; Amazing Philippines Digital Economy Corp., and the property firm, AGC Properties, Inc.
