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    2GO   PHY9017S1034


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2GO : Philippines' SM Investments takes majority stake in logistics firm

03/18/2021 | 09:27pm EDT

MANILA (Reuters) - A Philippine tycoon with close ties to President Rodrigo Duterte is selling his shares in logistics firm 2GO Group to conglomerate SM Investments Corp in a 6.6 billion pesos ($136 million) buyout, the companies said on Friday.

Under Duterte's presidency, the business empire of tycoon Dennis Uy has enjoyed explosive growth through an acquisition binge, fuelling concerns over ballooning debts.

In a disclosure, Uy's Chelsea Logistics and Infrastructure Holdings Corp. agreed to sell to SM Investments its 31.73% stake in 2GO Group at 8.50 pesos per share, an 11.9% discount to its closing price on Thursday.

"With the divestment, Chelsea will not be impacted by 2GO losses, which will aid the company in recovering from the current COVID-19 pandemic," said Chelsea CEO Chryss Alfonsus Damuy. Proceeds from the share sale will be used to pay down the loan obtained when Chelsea acquired 2GO in 2016.

Chelsea's divestment in 2GO, which is into shipping, courier and ferry travel service, will be completed within the next three months.

SM Investments, which acquired minority shares in 2GO in 2017, said it will also offer to buy out other shareholders. SM Investments is owned by the Sy family, ranked by Forbes as the richest in the Philippines, and it is involved in property, retail, sprawling shopping malls and banking.

(Reporting by Neil Jerome Morales; Editing by Simon Cameron-Moore)

© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
2GO GROUP, INC. 2.40% 8.12 End-of-day quote.-2.17%
SM INVESTMENTS CORPORATION 1.27% 1038 End-of-day quote.-1.05%
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Sales 2020 17 409 M 342 M 342 M
Net income 2020 -1 843 M -36,3 M -36,3 M
Net Debt 2020 5 744 M 113 M 113 M
P/E ratio 2020 -11,1x
Yield 2020 -
Capitalization 19 993 M 393 M 393 M
EV / Sales 2019 1,48x
EV / Sales 2020 1,50x
Nbr of Employees 678
Free-Float 11,4%
Duration : Period :
2GO Group, Inc. Technical Analysis Chart | 2GO | PHY9017S1034 | MarketScreener
Income Statement Evolution
Managers and Directors
Frederic Cuyegkeng DyBuncio Chairman, President & Chief Executive Officer
William Charles Howell Chief Financial Officer & Treasurer
Elmer B. Serrano Secretary, Director & Chief Information Officer
Waldo Basilla Chief Operating Officer
Laurito Eslao Serrano Independent Director
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