Dennis Uy’s Chelsea Logistics and Infrastructure Holdings Corp. Is in talks with foreign investors for a possible buy-in deal to strengthen its operations and balance sheet.
President and chief executive of Chelsea Logistics Chryss Alfonsus Damuy, said the company held talks with possible partners with operations overseas to bring value to the business considering their wide experience in shipping.
“We are overly cautious on this matter as we wanted to enter into a partnership that will not only bring in financial investments, but also bring in expertise, best practices and value to the overall business,” Damuy said.
“The COVID-19 pandemic has affected almost all industries all over the world and we are not an exception. The shipping industry has been severely affected by the ECQ and GCQ, and unfortunately this coincided with the industry’s peak season,”Damuy said.
“To scale up work efficiencies, the Group is now undergoing workforce rationalization to restructure support functions and right-size existing workforce,” he said.
“The Chelsea Group is working aggressively with the goal of achieving business resiliency, to be able to adjust the business to the “new normal” and protect its market share in the process during this crisis,” Damuy said.
Damuy said that for upcoming infrastructure projects such as the Davao Sasa Port and Airport Modernization projects, the company was expecting revenues to come from shares in terminal fees, airport concessions, cargo handling, and stevedoring and docking costs.
The company was also considering synergies with existing services in tankering, tugboat assist and freight services and said it would spend P49 billion for the modernization of Davao International Airport and P16 billion for Davao Sasa Port, Damuy added. More..
Chelsea Logistics Holdings Corp. listed as $C in the Philippine Stock Exchange last traded at 3.82 up by +12.35% volume traded at 4.53M, value traded at 16.71M as of: June 9, 2020 03:30:00 PM.
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