LBC Properties hikes capital to P1B

LBC Properties Inc., a real estate development firm owned by the family of businessman Carlos Araneta, is raising its capital stock to P1 billion from only P400 million.

Documents filed at the Securities and Exchange Commission showed that out of the P600 million authorized capital, P550 million has been subscribed and paid for.

LBC Express is listed as the major shareholder of LBC Properties.

LBC offers express delivery of services that include cargo, courier, money remittance and travel. It began its international expansion in 1985 with its first overseas office established in San Francisco, California. To date, LBC has more than 60 branches all over the US.  It also has branches in Europe, Canada and other parts of Asia.        

Synovate, the world’s most dynamic market intelligence company, has adjudged LBC as the fifth strongest firm in Asia’s courier businesses, matching it up with international giants as Fedex and DHL.

LBC started out as a local air cargo forwarder in 1950.  Its major progressive development started in 1978 when its executive vice president at that time, Carlos R. Araneta, took charge of the business. Armed with youthful ideals and a foresight confidence, Araneta steered the company to its gradual expansion, constructing a network of local and overseas branches.