Chelsea Logistics and Infrastructure Holdings Corp. of businessman Dennis Uy is raising P500 million from the issuance of preferred shares via a private placement.
Chelsea said in a disclosure to the stock exchange Monday its board of directors approved the issuance of 500,000 preferred shares to foreign investment fund Global Kingdom Investments Limited at the issue price of P1,000 per share.
The company said it would use the proceeds from the transaction to finance current and future projects and for additional working capital.
It said to accommodate the private placement, the board of directors approved the increase in the company’s authorized capital stock to P3.5 billion from P2 billion.
Chelsea will have 3.49 billion common shares and 10 million preferred shares with the increased capital stock. Both common and preferred shares have a par value of P1.