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Chelsea acquires another logistics firm

In a disclosure to the Philippine Stock Exchange (PSE) yesterday, Dennis Uy’s Chelsea Logistics Holdings Corp. (CLC) said it is reinforcing its end-to-end transport services with the acquisition of Worklink. File

MANILA, Philippines — Davao-based businessman Dennis Uy has acquired Worklink Services Inc. (WSI), a company that provides forwarding, trucking and logistics services to a growing domestic industry.

In a disclosure to the Philippine Stock Exchange (PSE) yesterday, Uy’s Chelsea Logistics Holdings Corp. (CLC) said it is reinforcing its end-to-end transport services with the acquisition of Worklink.

CLC acquired 100 percent of the issued and outstanding shares of WSI in line with ongoing efforts to expand its operations and subsequently create more value for customers, investors, partner-communities and other stakeholders.

Company president Chryss Alfonsu Damuy said the acquisition would augment the company’s logistics and manpower businesses and create additional synergy within the group.

“The acquisition will prove even more valuable in steering CLC to greater heights by bringing in an experienced and competent management and staff, who have been in the logistics business for more than 20 years,” Damuy said.

Established in 1994, WSI is a domestic logistics solution provider for various industries covering a wide array of products such as documents, food, garments and industrial equipment.

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The acquisition comes after CLC successfully raised P5.8 billion from its market debut last August which provided the company a war chest for acquisitions.

Of the fresh capital raised from its initial public offering, CLC set aside P3.2 billion for  acquisition of other shipping and logistics firms, P1.78 billion for fleet expansion, P278 million for general corporate purposes and P245 million for purchase and upgrade of ports, port facilities, containers, machineries and equipment.

“In every investment put into expanding our operations, we strive to ultimately provide better shipping and logistics services to Filipino businesses and consumers as well as create more jobs and support the economy’s growth,” Damuy said.

CLC likewise sealed its acquisition of Starlite Ferries, Inc., reinforcing its fleet and services to deliver more value to customers, investors and other stakeholders.

The acquisition supports the company’s vision to lead the shipping and logistics industry in bringing better services to the Filipino consumers and businesses.

Aside from CLC’s acquisition, Uy has had no let up in his buying spree. He recently acquired Family Mart, a convenience store chain.

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