Shareholders of Federal Resources Investment Group Inc. on Friday approved a slew of policies that allowed the backdoor entry of the Araneta family’s LBC Express Holdings Inc.
LBC Development Corp., the parent firm of the courier firm, owns 59.1 million common shares of Federal or at least 59 percent.
Shareholders also approved the increase of the authorized capital stock from P100 million to up to P3 billion, a move that will allow for future company fund-raising.
Its FED trading symbol at the Philippine Stock Exchange will also soon be replaced with LBC.
The company is also changing its calendar year of reporting to fiscal year, which will start in December and ends in November every year to align it with the LBC group’s calendar.
The LBC Group claims to have the widest coverage and network with over 1,000 strategically located branches nationwide.
It has also seen aggressive expansion in the overseas market.
To date, LBC has set up branches in various locations in North America, the Middle East, Asia Pacific, Europe and Oceania.
LBC’s major projects include continued investments in warehousing facilities; logistics equipment such as vehicles; automated conveyor systems; specific requirements in the supply-chain creation, including cold-chain equipment; and hand-held devices, among others.