Dennis Uy navigates path to becoming no.1 in shipping and logistics
Chelsea Logistics Holdings Corp. has signed a deal to purchase Batangas-based shipping firm Starlite Ferries and its subsidiaries.
The proposed transaction, pending due diligence by CLC of Starlite, is subject to the approval of the Philippine Competition Commission.
Starlite and its subsidiaries have a total of 14 vessels, of which five are roll-on-roll- off (RORO) passenger vessels which were acquired brand-new in the past two years. The group services the ports of Batangas, Calapan, Puerto Galera, Roxas and Caticlan.
“The planned acquisition will bring us a step closer to fulfilling our commitment to growth in order to realize more value for our stakeholders, from the investors to the consumers,” CLC chairman Dennis A. Uy said.
Excluding the fleet of Starlite, CLC has 11 tankers, 8 tugboats, 7 roll-on/ roll-off vessels with passenger accommodation (RoPax), 4 barges and 3 cargo ships. In addition, 2GO Group had 8 RoPax, 10 Fastcrafts and 8 cargo vessels.
The acquisition will be funded by proceeds from the company’s initial public offering.
“By modernizing and expanding our operations, we can provide better shipping and logistics solutions as well as make our country more competitive in capturing the increasing trade opportunities in Southeast Asia,” Uy said.