Newly-listed Philippines shipowner Chelsea Logistics Corp (CLC) has splashed its first IPO cash on a domestic ferry company.
The Dennis Uy-controlled tanker and ro-pax group said on Monday it is buying Batangas-based Starlite Ferries.
It will acquire 100% of the stock, it told the Manila stock exchange.
“The planned acquisition will bring us a step closer to fulfilling our commitment to growth in order to realise more value for our stakeholders, from the investors to the consumers,” Uy said.
Starlite Ferries is listed with 15 ships, of which five are new ro-paxes built in Japan in 2016 and 2017.
The deal is subject to competition approval, Chelsea said.
The CLC group, through Chelsea Shipping, Trans Asia Shipping and 2Go, has a fleet of 57 tankers and ro-paxes.
It carried out a $116m IPO in July, pledging to expand the fleet with tankers and passengerships.
