Ferry operator 2Go Group Inc., now controlled by the SM group, will delist from the Philippine Stock Exchange on 17 July this year after completing all the requirements to go private.
At its annual stockholders’ meeting on 18 April, stockholders owning 2.4 billion shares or 97.86 percent of the outstanding capital stock, approved the voluntary delisting from the main board of the PSE.
No votes were cast against the voluntary delisting.
SM Investments Corp., the holding company of the Sy family, has offered to buy all 15.39 percent or 378.81 million common shares at P14.64 per share.
Those shares were last traded on 2 May and closed at P13.50 apiece.
During the tender offer period that started on 15 March through 28 April, a total 352.69 million common shares or 14.32 percent of the outstanding common stock were tendered and accepted by SMIC. These were crossed through the PSE on 5 May.
SMIC bought he tendered shares for a total of P5.16 billion and settled on 10 May.
2Go reported net Income of P190 million in the first quarter this year, a turnaround losses totaling P35 million last year.
Its recovery continues as it focuses on profitable services and customers, driving efficiencies in operations and stringent cost controls.
Revenue increased 29 percent to P5.15 billion from P3.99 billion from a year earlier.
Shipping revenue, comprised of sea freight and passengers, increased 52 percent to P2.01 billion from P1.32 billion.
The company reported a 36 percent or P412 million increase in sea freight revenue to P1.53 billion from the previous year’s P1.12 billion and more than double of passenger revenue to P483.29 million from the previous P201.35 million.
Logistics and other services increased 3 percent or P51 million to P1.71 billion, driven by continued growth in cold chain reefers, e-commerce fulfillment and courier services.
Distribution revenue also improved 42 percent or P421 million due to increasing demand from consumers. Shipping accounted for 39 percent while non-shipping accounted for 61 percent of revenue during the quarter.
