Royal Cargo, Inc. signed Contract to acquire 65% stake in Lence Holdings Corp. from SBS Philippines Corporation (PSE:SBS) for approximately PHP 590 million on June 2, 2021. Under the terms, Royal Cargo, Inc. will acquire 89,055,000 shares representing 65% stake at a price per share of PHP 6.569. The consideration amount is paybable on or before June 14, 2021. The transaction is approved by the board of SBS Philippines Corporation. Completion of due diligence review and performance of pre-closing undertakings including the signing of the execution documents. Royal Cargo, Inc. completed the acquisition of 65% stake in Lence Holdings Corp. from SBS Philippines Corporation (PSE:SBS) on June 17, 2021. Under the revised terms, Royal Cargo, Inc. will acquire 89,055,000 shares representing 65% stake at a price per share of PHP 6.6113.