CHELSEA Logistics and Infrastructure Holdings Corp. (CLC) acquired 100% of the The SuperCat Fast Ferry Corp. (SFFC) from affiliate 2GO Group, Inc. (2GO).
“Please be informed that CLC acquired 100% of SFFC from 2GO Group on 9 October 2019,” the company owned by Davao-based businessman Dennis A. Uy said in a disclosure to stock exchange on Thursday.
CLC, which holds a 28.15% indirect economic interest in 2GO, did not give details on the transaction except to say the acquisition cost is less than 10% of its total shareholders’ equity.
2GO confirmed in a separate disclosure that SFFC is no longer a subsidiary of the company.
As of end-June, 2GO is 88.3%-owned by Negros Navigation Co., Inc., which in turn is 39.85% owned by KGLI-NM Holdings, Inc. (KGLI-NM). The ultimate parent of KGLI-NM is Mr. Uy’s holding company Udenna Corp. On the other hand, CLC is 70% owned by Udenna.
Mr. Uy is the chairman for both CLC and 2GO.
In the first six months of 2019, CLC reported a 15% drop in net profit to P308.4 million, dragged by 2GO’s losses.
2GO swung to a P188 million net loss in the first half, from a P197 million net income during the same period a year ago. The company saw a 10% increase in cost of services and goods to P11.14 billion due to higher fuel and commodity prices.
2GO’s first half revenues rose 5% to P12 billion, driven by the growth of its non-shipping business. — A.L.Balinbin