The Aboitiz-led Union Bank of the Philippines will mark its foray into the logistics sector with the launching scheduled for May 22 in Manila of its partnership with Shiptek Solutions Corporation, the company that pioneered the digital end-to-end logistics platform XLOG.
In a disclosure on May 10, the bank announced that it was acquiring a 30% equity in Shiptek through wholly-owned subsidiary UBX Philippines Corporation.
UBX and Shiptek signed a share purchase agreement on May 9 for the acquisition by UBX of 52,374,553 common shares of stocks of Shiptek at P1.53 apiece.
These represent 30% of Shiptek's outstanding capital stock.
Shiptek is the creator of the 24/7 digital shipping and logistics marketplace called XLOG.
XLOG, which is accessible via xlog.net, is a cloud-based web application that connects shipping companies to shippers, customs brokers, truck owners and warehouse operators to enable door-to-door container delivery services.
This digital platform comes with mobile apps for both Android and iOS. It offers shipping, trucking, warehousing and customs brokerage services.
Through XLOG, shipping and logistics companies may book, pay online, track and trace, and manage end-to-end and door-origin to door-destination shipment of goods across the globe. (Ventures Cebu)