The Securities and Exchange Commission (SEC) has approved the name change of Chelsea Logistics Holdings Corp. to Chelsea Logistics and Infrastructure Holdings Corp. (CLIHC) to reflect the firm’s new purpose of developing, managing, and operating infrastructure facilities.
The SEC also approved on May 7 the amendment of the first article of the company’s articles of incorporation to reflect the change in corporate name, CLIHC said in a disclosure to the Philippine Stocks Exchange.
The amendment had been approved by CLIHC’s Board of Directors in November 2018, and was also approved by stakeholders last March 15, 2019.
CLIHC earlier said the change in corporate name is intended to align with the earlier expansion of its primary purpose, which is “(i) development, management and operation of infrastructure facilities and systems and the business of building, rehabilitating, renovating, constructing, developing, operating and maintaining such facilities and systems, including the commercial assets thereof and all allied business for the operation and maintenance of such facilities and systems.”
The amendment of the articles of incorporation was approved by the SEC on June 18, 2018.
CLIHC also noted that “there are a number of business opportunities being presented to the company for the operation of airports and ports, and also facilities which can be utilized in connection with its logistics business.”
The company said expanding its primary purpose allows it “to engage in other business in connection with its logistics business.”
CLIHC has been pursuing infrastructure projects this year. Recently, the Civil Aviation Authority of the Philippines granted original proponent status to CLIHC for its unsolicited proposal to operate, maintain, and expand Davao International Airport for a concession period of 30 years.
CLIHC also submitted an P11.5-billion unsolicited proposal to rehabilitate and develop Davao-Sasa port, which the Philippine Ports Authority is currently evaluating.
