SM Investments Corp (SMIC) has taken a major shareholding in Philippines ferry company 2Go.
It now owns 34.5% of the former Aboitiz operation, the Business Mirror said.
“We are pleased with this opportunity to invest in a fast-growing, dynamic logistics business. It will benefit from, as well as contribute to the country’s economic progress, especially as development spreads to the provinces,” Harley Sy, SMIC president, was quoted as saying.
The move caused 2Go's share price to jump as much as 32%.
