Chelsea Logistics and Infrastructure Holdings Corporation has just raised P1.72 billion in fresh capital, showing that controlling shareholder Dennis A. Uy continues to be well funded.
In a disclosure to the Philippine Stock Exchange, Chelsea said its Board of Directors has approved the increase in its authorized capital stock from P2 billion to P3.5 billion divided into 3.49 billion common shares and 10 million preferred shares.
Both common and preferred shares have the par value of P1.00 per share.
Of the increase in the authorized capital stock, Uy’s holding company Udenna Corporation will be subscribing to 375 million common shares at the price of P3.26 per share based on Volume Weighted Average Price (VWAP) for the past 90 days.
The Chelsea Board has also approved the subscription of 500,000 preferred shares by Global Kingdom Investments Limited via private placement at the issue price P1,000 per share.
The firm did not provide details of the identity of Global Investments Limited.
“The proceeds from the above transactions shall be used to finance current and future projects of the Company and also for additional working capital,” Chelsea added.