LBC Express looks to conduct follow-on offer

LBC Express Holdings, Inc. is planning to sell 69.1 million shares at a maximum price of P25 apiece in its follow-on offering, the Securities and Exchange Commission (SEC) said in a notice on Sunday.

The logistics and money transfer service is offering its shares at a price of up to P25 each, amounting to P1.73 billion in total.

LBC’s primary and secondary offerings of 10 million common shares and 59.1 million shares, respectively, will have offer prices of P15 to P25 apiece. The secondary offer will be offered and sold by the selling shareholder LBC Development Corp., the SEC said.

Last month, the firm reported a 37.6 % growth in its third-quarter attributable net income, but its cumulative earnings as of September remained lower on a year-on-year basis.

Shares of LBC Express Holdings on Monday inched down by 0.13% to close at P15.78 apiece. — Angelica Y. Yang

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