UnionBank buys 30% stake in Shiptek

UnionBank buys 30% stake in Shiptek

UNION Bank of the Philippines (UnionBank) may be integrating its e-commerce price gateway and different digital economic services into the XLOG logistics platform developed by means of Shiptek Solutions Corp. After it acquired a 30-percent stake within the Filipino era answers company via a deal signed on Wednesday.

The stake — which UnionBank purchased through its subsidiary UBX — is same to fifty two,374,553 Shiptek not unusual stocks at P1.53 each or about P80.Three million in overall.

UBX’s understanding in generation improvement and blockchain was said to further energy XLOG’s end-to-end supply chain solution that consolidates delivery, warehousing, trucking and customs brokerage.

“We have long sought to serve the logistics zone, and with the onset of digitization, the advent of structures like XLOG, represents the industry’s movement from traditional methods to digital,” UnionBank President and Chief Executive Officer Edwin Bautista stated.

“UBX’s predominant thrust is to put money into complementary capabilities. We are growing systems to visit market with enterprise models which can be beyond banking. We will even spend money on abilities and systems that share the equal objective,” UBX Chief Executive Officer John Januszczak stated.

Through XLOG UnionBank, UBX and Shiptek Solutions said they could faucet into each other’s expertise and patron network, from small and medium companies to large companies.

UnionBank additionally stated it might also be concerned in Shiptek’s day by day operations, maintaining two out of 5 seats inside the corporation’s board of administrators.

Shiptek, then again, initiatives that UnionBank’s investment might assist the corporation attain its goal of moving 500,000 to 1,000,000 20-foot equal devices (TEU). It has generated over heaps of TEUs so far since its launch in 2018.

UnionBank shares fell with the aid of 10 centavos or 0.16 percentage to shut at P60.90 apiece on Wednesday.

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