Chelsea soars as Dennis Uy seen frontrunner in third telco bidding
Shares in Chelsea Logistics Holdings Corp. of Davao-based businessman Dennis Uy surged in early trading Wednesday as investors took positions ahead of the selection of the country’s third telco player.
CLC soared by as much as 27.08 percent to P8.40 Wednesday. It is now doing P7.88 per share.
Uy announced this morning that his holding firm Udenna Corp. and subsidiary CLC have partnered with China Telecommunications Corp. to formally bid for the third telco slot.
“The consortium is confident that Udenna;s extensive supply chain and knowledge of local industries will complement the world-class technology and telecommunications expertise of China Telecommunications Corporation, one of the world’s largest and most experienced fixed and mobile network operators,” CLC said in a statement.
CLC said its expertise in logistics and distribution would enable the speedy development of the network.
“In the event that the consortium is confirmed as the new major player, its immediate priority will be to prepare and to consolidate all the required resources in order to provide the best telecommunications services that Filipinos have been aspiring for,” CLC said.