SMIC hikes stake in Airspeed to 51%

MANILA, Philippines — SM Investments Corp. (SMIC) has completed the  acquisition of over 10 million shares to raise its stake in AIC Group of Companies Holding Corp. (Airspeed) to 51 percent from 35 percent.

In a disclosure to the Philippine Stock Exchange, SMIC said it completed the exercise of its option for additional common shares last Aug. 25, making Airspeed a subsidiary of the company.

“The consideration for the acquisition is less than 10 percent of the total book value of SMIC,” the company said.

Earlier this week, SMIC announced that its board of directors approved the transaction to raise its shareholding in Airspeed.

Airspeed is an end-to-end logistics solutions and express courier company operating for over 35 years.

The Airspeed group 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 property firm AGC Properties Inc.

With the backing of the SMIC, the logistics firm has introduced new digital functionalities in its systems like real-time order monitoring, end-to-end inventory visibility, and transport management,

Through its  new hubs, Airspeed supports e-commerce or e-com enabler platforms which also support other businesses selling their products online in their back-end operations by doing their inventory management, kitting, packing, and labeling for different brands they manage.

To meet growing requirements in the logistics business as well as online transactions, Airspeed  expanded its offices in different parts of the country including Bacolod in Negros Occidental,  Cubao in Quezon City and Carmona in Cavite.

Airspeed also introduced UnboxMe in 2020, a cross-border delivery platform that caters to Filipinos who shop in their favorite online stores in the US.

The online service allows items to be delivered straight to their doorsteps in the Philippines.

Airspeed helps online micro-businesses by providing reliable delivery service.