Marine shipping company Chelsea Logistics Holdings Corp. (CLC) recently debuted on the Philippine Stock Exchange with an oversubscribed initial public offering of common shares, and has offered 546.593 million new common shares to raise gross proceeds worth P5.84 billion.
The move is in line with the company’s plan to modernize and expand its fleet, and serve and open more routes, according to a press release by CLC.
The largest shipping group in the country, CLC is gearing up tobecomeakey mover of vital goods, cargoes, and passengers in the logistics industry.
“We are grateful to the investing public for helping us accelerate our expansion plans by supporting our maiden share sale to the investing public,” CLC president and chief executive officer Chryss Alfonsus V. Damuy said in a press release.
Of the P5.50 billion they are expected to net from the capital-raising activity, CLC plans to allocate P1.78 billion for fleet expansion and P3.20 billion for acquiring other shipping and logistics companies in order to expand market reach.
Meanwhile, P245 million has been set aside for acquiring and upgrading of ports, port facilities, containers, machineries, and equipment, while the remaining P275 million will be used for general corporate purposes.
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