Chelsea OKs venture into infra projects
Chelsea Logistics Holdings Corp., the transport and logistics company of businessman Dennis Uy, is venturing into infrastructure and plans to raise money to finance capital expenditures.
Chelsea said in a disclosure to the stock exchange shareholders approved the board’s proposal to amend the company’s articles of incorporation to expand its primary purpose to include infrastructure facilities and systems.
The revision will allow the company to pursue business activities related to the operation of airports and ports as well as logistics and utilities.
The expanded purpose will also enable Chelsea to venture from its current transportation businesses into other utility areas including telecommunications, power and other related utilities.
“We will pursue our expansion strategies and find best ways to complement the current business operations with the Build Build Build program of the Duterte administration. We intend to participate in the development of the infrastructure facilities and systems in the country, which include but is not limited to airport and port development and operations and other related facilities,” said Chelsea president Chryss Alfonsus Damuy.
Chelsea shareholders also approved the reclassification of 10 million common shares into preferred shares in line with the company’s plans to further tap the capital market to finance capital expenditures, projects and possible acquisitions.
Shareholders approved an amendment of the by-ways of the company to implement the separation of the positions of president and chief executive officer, and the creation of chief operating officer to allow the company to better respond to the expanding business operations.
Chelsea last submitted with the Department of Transportation an unsolicited Public-Private Partnership proposal for the bundled development, operation and management of the Davao and New Bohol (Panglao) international airports for P67 billion.