The company approved the issuance of 500,000 preferred shares to Global Kingdom Investments Ltd. through a private placement.
The shares will be sold at at P1,000 per share.
To facilitate the issuance of shares, Chelsea is beefing up its authorized capital from P2 billion to P3.5 billion comprising 3.49 billion common shares and 10 million preferred shares.
Of the increase in capital, Udenna Corp. will subscribe 375 million common shares at a price of P3.26 per share.
Proceeds from the transaction will be used to finance current and future projects and also for additional working capital.