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Ayala clarifies media report on its plans to enter logistics biz

Ayala Corp. released a statement in response to a media report that stated it was making the move into the logistics sector after two other Filipino conglomerates did so.

The parent of Ayala Land Inc. said its evaluation of the logistical requirements of its units and the scope of involvement it was interested in undertaking was "exploratory," with no definite deal in the works. Manila Standard on April 2 quoted Ayala Infrastructure Holdings Corp. CEO Jose Rene Almendras as saying there was a possibility a new logistics venture would be announced by end-2017.

The publication noted that Metro Pacific Investments Corp. purchased Basic Logistics and Ace Logistics to supply logistics, shipping, freight forwarding and e-commerce services, with plans to invest 5 billion Philippine pesos in the logistics sector over five years. SM Investments Corp., the parent of SM Prime Holdings Inc., meanwhile recently acquired a 35% interest in 2Go Group Inc.'s parent.

As of April 4, US$1 was equivalent to 50.20 Philippine pesos.