CHELSEA Logistics Holdings Corp. (CLC) is optimistic on its growth prospects and expansion plans this year, with focus on its logistics infrastructure and telecommunications businesses.
In a statement on Friday, Davao-based businessman Dennis A. Uy’s company said its shareholders had approved to change its corporate name to “Chelsea Logistics and Infrastructure Holdings Corp.” and its Philippine Stock Exchange (PSE) trading symbol to “C” from “CLC” during its stockholders’ meeting last Friday.
“Our expansion plans complement our current business operations… This year, we continue with our business expansion plans and expect that our shipping and logistics commitments and infrastructure undertakings will enable us to be more competitive and bolster our market position,” CLC President and Chief Executive Officer Chryss Alfonsus V. Damuy said in the statement.
Last year, CLC ventured into the telecommunications business when it joined the Mislatel consortium, formed by its parent company Udenna Corp.; China Telecommunications Corp. and Mindanao Islamic Telephone Company, Inc. (Mislatel).
CLC also has projects in the pipeline for its logistics infrastructure business, such as its unsolicited proposal to modernize the Sasa port in Davao City. Mr. Damuy said should it gain approval for the project, it is expected to “translate to value creation for our stakeholders and promote further synergy within the Group.”
Outside seaports, CLC also received in October original proponent status for its proposal to operate and expand the Davao International Airport. The project is currently being reviewed by the National Economic and Development Authority (NEDA).
“As the government pushes its ‘Build, Build, Build’ program forward, we are actively looking for opportunities to participate in the development of infrastructure facilities and systems in the country, including ports and airport development and operations and other related facilities,” Mr. Damuy was quoted as saying.
The company said it is bullish that 2019 will show “substantial improvement” in its performance, backed by projects that are geared to expand its business operations. — Denise A. Valdez
