The Securities and Exchange Commission on Tuesday gave the nod for shipping firm Chelsea Logistics Corp. (CLC) to proceed with its P8-billion initial public offering.

In a text message to reporters, SEC Secretary Armando Pan announced that the corporate regulator has approved the CLC’s registration statement for the public offering of 546.593 million common shares at P14.63 per share.

CLC’s Davao-based founder and chairman Dennis Uy thanked the SEC for the approval of the firm’s IPO.

“I hope we get the support of investors,” Uy told reporters on the sidelines of Phoenix Petroleum Philippines Inc.’s 10th year listing anniversary in Makati City. Uy is also the president and CEO of the independent oil player.

If the IPO materializes, CLC will be Uy’s second company to be publicly listed, after Phoenix Petroleum.

Proceeds of the IPO amounting to P8 billion are expected to finance CLC’s acquisition of new vessels, equipment, port facilities, containers, and the acquisition of other shipping and logistics companies.

In its prospectus, CLC originally proposed to conduct the IPO on June 21 until June 27, and debut on the Philippine Stock Exchange on July 5.

Asked about the company’s new target date for listing and offering, Uy said that it is indefinite as CLC is still awaiting the PSE’s approval.

The company has tapped BDO Capital serves as the issue manger, lead underwriter and sole bookrunner for the IPO. — BM, GMA News

Source: http://www.gmanetwork.com/news/money/companies/617683/sec-greenlights-p8-billion-ipo-of-dennis-uy-s-chelsea-logistics/story/
Author: John Ted Cordero (GMA News)
Published Date: July 11, 2017