Chelsea to hike capitalization

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Chelsea Logistics and Infrastructure Holdings Corp. said it is set to receive P6.22 billion in fresh capital.

This will increase the company’s capitalization to P3.5 billion from P2 billion.

The new capitalization is divided into 3.49 billion common shares and 10 million preferred shares. Both common and preferred shares have a par value of P1.

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Of the increase in the authorized capital stock, Udenna Corp. is subscribing to 375 million common shares at P3.26 per share, based on the company’s volume weighted average price for 90 days.

The company is issuing 500,000 preferred shares to Hong Kong-based Global Kingdom Investments Ltd. via private placement at an issue price P1,000 per share.

“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 said.

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