THE Philippine Stock Exchange on Wednesday approved the application of logistics firm Chelsea Logistics Holdings Corp. for an initial public offering (IPO) to raise some P8 billion in fresh funds for its planned fleet expansion and acquisitions. Chelsea Logistics plans to offer 546.59 million new common shares at a maximum price of P14.63 per share. “We thank the PSE for believing in the soundness of our business and for recognizing our potential to help accelerate the Philippine economy’s growth by delivering its logistics needs,” Chelsea founder and chairman Dennis Uy said. The investing public may partake of 30 percent of the 1.8 billion outstanding common shares of Chelsea after the offer. Chelsea holds the logistics and shipping investments of Uy’s conglomerate Udenna Corp., including its substantial stake in integrated transport solutions provider 2GO Group.

Source: Manila Times July 19, 2017 16:52 UTC