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Manila Bulletin devider Business devider SMIC invests P6.64-B to gain control of 2GO

SMIC invests P6.64-B to gain control of 2GO

Published Mar 19, 2021 03:40 pm

SM Investments Corporation (SMIC) is acquiring the 31.73 percentstake of Chelsea Logistics and Infrastructure Holdings Corporation in 2GO Group Inc., for about P6.64 billion, to gain control of the shipping and logistics firm.

    

 In a disclosure to the Philippine Stock Exchange, SMIC said its Board of Directors has approved the acquisition of 2GO Group, Inc. shares that will increase SMIC’s current shareholding if 30.49 percent.

Chelsea, the Udenna Group’s shipping and logistics subsidiary, said in a separate disclosure that it has signed agreements to sell its entire effective stake of around 31.73 or about 781.24 million shares in affiliate 2GO at P8.50 per share.

The sale will be done through KGLI-NM Holdings Inc., a 90 percent effectively owned subsidiary of Chelsea. Chelsea said it will be completing the sale conditions within the next three months.

“With the divestment, Chelsea will not be impacted by 2GO losses, which will aid the Company in recovering from the current COVID-19 pandemic,” said Chelsea President and CEO Chryss Alfonsus V. Damuy.

He added that, “With our numerous group-wide initiatives currently being undertaken, we are confident that Chelsea will be best prepared and positioned to take advantage of the recovery of the industry as we move forward.”

The proceeds of the sale will be used to pay down the loan obtained for the acquisition of the shares.

After owning a majority of the outstanding voting capital stock of 2GO, making 2GO a subsidiary, SMIC is planning a tender offer for the minority shares of 2GOat P8.50 per share in compliance with the Securities Regulation Code and its Implementing Rules and Regulations.

SMIC said it will be filing its Tender Offer Report with the Securities and Exchange Commission on or before March 22, 2021.

The Tender Offer Report shall contain, among others, the terms and conditions of the tender offer and other relevant materials.

Related Tags

Udenna Group Dennis A. Uy 2GO Group Inc. Dennis A. Alfonsus V. Damuy Chelsea Logistics and Infrastructure Holdings Corp. SM Investments Corporation
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