MANILA - Chelsea Logistics on Monday said it would acquire Batangas-based Starlite Ferries, as its chairman, Dennis Uy, expands his shipping and logistics businesses.
A memorandum of understanding to acquire 100 percent of the shares of stocks of Starlite and all its subsidiaries was signed on Thursday, recently-listed Chelsea told the stock exchange.
“The planned acquisition will bring us a step closer to fulfilling our commitment to growth in order to realize more value for our stakeholders, from the investors to the consumers,” Uy said in the disclosure.
Starlite Ferries and its subsidiaries has 14 vessels, 5 of which were newly-acquired Roll-on-Rolloff passenger vessels.
The Starlite deal is subject to the approval of the Philippine Competition Commission, Chelsea said.
Uy, who is also president and CEO of Phoenix Petroleum, previously bought a stake in shipping firm 2Go and acquired hospitality and business administration school, Enderun Colleges.