LBC Express settles $39-M convertible debt to CP Briks

LBC EXPRESS Holdings, Inc. has fully settled its $39-million secured convertible instrument issued to CP Briks Pte. Ltd. in 2017, the listed logistics provider told the stock exchange on Tuesday.

In a disclosure to the stock exchange on Tuesday, the company said it has paid off its remaining obligation to CP Briks, a unit of Singapore-based private equity and investment firm Crescent Point.

The instrument was issued through a convertible instrument purchase agreement in 2017, which allowed CP Briks to convert debt into shares under certain conditions.

“With the full settlement of this obligation, CP Briks has likewise released its pledge over the shares of the company in LBC Express,” it said.

LBC Express is a holding company with two main business segments: logistics and money transfer.

The logistics unit caters to retail and corporate clients, while the money transfer segment covers domestic and international remittances.

For the second quarter, the company swung to an attributable net income of P31.68 million from a loss of P183.59 million in the same period last year, mainly due to lower expenses.

Gross revenue slipped by 5.1% to P3.34 billion from P3.52 billion.

For the first half, LBC posted an attributable net income of P172.12 million, reversing a P193.43-million loss a year ago, as revenues declined by 2.1% to P6.98 billion from P7.13 billion.

At the local bourse on Tuesday, LBC shares closed unchanged at P7.76 apiece. — Ashley Erika O. Jose