The Japan Bank for International Cooperation (JBIC) signed a loan agreement with SG Holdings (SGH) on September 29 for ¥20bn, its own share of a ¥33.5bn co-financing arranged with private lenders. The syndicated loan has Sumitomo Mitsui Banking Corporation as arranger.
The money funds part of the cost of buying Morrison Express Worldwide Corporation, a Taiwan-based global freight forwarder. SGH bought it through its Singapore subsidiary, SG HOLDINGS GLOBAL PTE. LTD. The deal is not new: SGH completed the acquisition on May 20, 2025, according to JBIC's release. The loan therefore finances a purchase already done, and the release does not give the loan's rate, tenor or the total purchase price.
What SGH is buying
JBIC says Morrison's main business is air freight forwarding for the electronic components and semiconductor industries. SGH wants the specialised forwarding capability and new customer base this brings. The purchase falls under SGH's medium-term plan, SGHStory2027, whose stated policy is to upgrade total logistics and widen its global logistics base.
JBIC defines freight forwarding as a one-stop international service for a shipper's cargo: arranging sea and air transport, customs clearance, warehousing and delivery.
JBIC's rationale
JBIC frames the loan as support for Japanese companies' overseas expansion and for Japanese industrial competitiveness. In its words, semiconductors are a strategic good underpinning AI and digital fields, and making their supply chains more resilient is increasingly important for Japan's industrial competitiveness and economic security. JBIC says the loan will contribute to the development of Japan's semiconductor industry and to stronger economic security through the overseas expansion of chip-related companies and a more stable global supply chain. These are JBIC's own claims; the release offers no figures to test them.
JBIC says it will keep backing Japanese companies' overseas business, including M&A, alongside private lenders.