Chelsea Logistics shareholders back plans to engage in infra, utilities
Shareholders of Chelsea Logistics Holdings Corp. approved the management’s proposal to expand the company’s primary purpose to include infrastructure and other utility businesses such as telecommunications and power.
“With this amendment, the company will now be able to pursue business activities related to the operation of airports and ports and all facilities related to logistics, and utilities,” Chelsea said in a statement.
“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, ” said Chryss Alfonsus V. Damuy, president of Chelsea.
Shareholders likewise approved the creation of preferred shares in line with the company’s plans to raise funds from the capital market.