Newly-listed Philippines shipowner Chelsea Logistics Corp (CLC) has splashed its first IPO cash on a domestic ferry company.
The Dennis Uy-controlled tanker and ro-pax group said on Monday it is buying Batangas-based Starlite Ferries.
It will acquire 100% of the stock, it told the Manila stock exchange.
“The planned acquisition will bring us a step closer to fulfilling our commitment to growth in order to realise more value for our stakeholders, from the investors to the consumers,” Uy said.
