Go back

Published: 2019-12-10   

Gokongwei Group enters logistics with P60 million DHL venture

ABS-CBN News | Business


MANILA — The Gokongwei group said Tuesday it was diversifying into logistics, forming a joint venture with DHL and ACCRAIN Holdings with a P60 million investment.

The new company, DHL Summit Solutions Inc, will provide domestic transportation, logistics, warehousing, cargo distribution and other supply chain management activities, JG Summit told the stock exchange.

The new company will start operations in June 2020, JG Summit said.

With the Philippine economy expected to grow 6 percent each year, “businesses will need to invest in world-class logistics and warehousing services to stay ahead of the competition,” said JG Summit President Lance Gokongwei.

JG Summit also controls the Philippines’ largest airline, Cebu Pacific, which recently entered the full cargo market.

The holding firm of the late industrialist John Gokongwei joins other conglomerates in betting on the logistics space, as a growing economy fuels demand for cargo. SM Investments in 2017 acquired a stake in 2Go.


 |  https://news.abs-cbn.com

Recently posted articles

4 Ways to #MoveOn From Your Ex

Mahirap mag move on. Masakit. We’ve all been there. Experiencing...

Killing Your Credit Cards for Good!

Credits:Jed Chan Kasama ba sa New Year’s Resolution mo ang...

WATCH: Will Julia Montes join ‘Probinsyano’? Coco Martin answers

ABS-CBN News | Entertainment 10-December-2019 MANILA — Coco Martin is...

Video: How thieves are breaking into Sharjah cars

Gulfnews | News & Public Advisories 10-December-2019 Sharjah: Leaving personal items...