The company has offered 546.593 million with an oversubscribed new common shares opening at P11 apiece.
With its P5.84 billion in gross proceeds, Chelsea Logistics aims to pursue an aggressive expansion of its shipping and logistics business.
Chelsea Logistics has earmarked about P1.78 billion for fleet expansion, including the acquisition of a medium-range tanker that can carry 45 million to 55 million liters of bunker fuel across international waters.
The company, meanwhile, set aside P245 million for the acquisition and, or upgrade of ports, port facilities, containers, machineries and equipment to support its core business.
Chelsea Logistics also continues to look into the prospects of acquiring other shipping and logistics companies to expand its market reach, in conjunction to its planned fleet expansion. About P3.20 billion of the net proceeds was earmarked for this purpose.
The remaining P275 million will be used for general corporate purposes, including but not limited to, the payment of dry docking expenses, payment of trade payables and other use for the company’s working capital requirements.
Chelsea Logistics chairman Dennis A. Uy, tagged as “crucial” the role of the shipping and logistics industry in sustaining and driving the growth of the economy of an archipelago like the Philippines.
“Moving agricultural products, construction materials, petroleum and other vital goods as well as large numbers of people from one island to another requires a robust, efficient and reliable shipping industry,” Uy said.