MANILA - The Philippine Stock Exchange has approved the initial public offering of Chelsea Logistics Holdings Corp., a firm owned by Davao businessman Dennis Uy.
The PSE on Wednesday approved Chelsea's offer and sale of new common shares at a maximum price of P14.63 each.
The IPO, expected to earn P8 billion for the firm, will allow the public to own 30 percent of its outstanding common shares.
Chelsea's offer period will be from July 24 to 31, with BDO Capital & Investment Corporation serving as the issue manager, lead underwriter and sole bookrunner.
Uy also owns Phoenix Petroleum, which celebrated its 10th year of listing earlier this month.