The Chiongbian family is set to restore full ownership of FAST Logistics Group by buying back the 40 percent stake held by private equity firm CVC Capital Partners, according to Philstar Biz.
The transaction will return the logistics company to complete family control, reversing a previous deal that brought in CVC as a minority investor. FAST Logistics is a major player in Philippine supply chain and warehousing services.
Financial terms of the buyback were not disclosed. The deal is expected to close in the coming months, subject to regulatory approvals.