Tan buys majority share of Johnny Cargo
30 / 08 / 2010
LUCIO Tan Jr, via MRC Allied, has finalised the purchase of a 56 per cent stake in the Filipino-owned but US-based Johnny Air Cargo.
Prior to the purchase Johnny Air was valued at P1.5 billion (US$33 million). MRC Allied will now lead the company into a phase of “aggressive” expansion, opening 20 new offices over the next year.
Tan Jr also owns Philippine Airlines, which Johnny Air Cargo will now be expected to support. The national flag carrier has been suffering from labour problems recently.