BUSINESSMAN Dennis A. Uy’s Chelsea Logistics Holdings Corp. (CLC) is looking to raise P5.84 billion in its stock market debut, as it priced its shares at a discount.

CLC priced its shares at P10.68 apiece, 37% lower than the maximum P14.63 per share it previously announced. The final price brings the total size of the offer to P5.84 billion, from the initial target of P8 billion.

“At such price, the book will be sufficiently covered and the shares of Chelsea Logistics will have a lot of room for upside in the equities market,” BDO Capital and Investment Corp. President Eduardo V. Francisco was quoted as saying in a statement.

BDO Capital serves as the offer’s issue manager, lead underwriter, and sole bookrunner.

CLC is offering 546.59 million common shares to the public, which comprises 30% of the company’s 1.821 billion outstanding common shares. The shares will be offered from July 24-31, in time for the shipping company’s listing on the main board of the Philippine Stock Exchange (PSE) on Aug. 8. This will be the country’s fourth IPO this year.

“Chelsea Logistics has received strong interest from institutional investors and continues to attract more, as it proceeds with its initial public offer of common shares,” Mr. Francisco said.

CLC received clearance from the Philippine Stock Exchange during its board of directors’ meeting on July 19, following approval of the Securities and Exchange Commission last July 11.

The company will be using the net proceeds of the offer to fund its expansion, specifically for the acquisition of other shipping firms, acquisition of fleets, purchase and/or upgrade of ports, port facilities, containers, and machineries and equipment.

The group also aims to become a regional player by expanding organically, alongside creating synergies with 2GO Group, Inc. Mr. Uy is currently the chief executive officer of 2GO, which is a listed integrated transport solutions provider.

In April of this year, country’s richest man Henry Sy, Sr.’s SM Group also purchased a stake in 2GO by acquiring a 34.5% interest in its parent, Negros Navigation, Inc.

“As a group, CLC is well positioned to capitalize on the exciting prospects of the shipping and logistics industry… With the growth of the economy, there will surely be more movement of goods and people,” Mr. Francisco said. — Arra B. Francia

ALLIANCE SELECT Foods International, Inc. will be partnering with a Japanese firm for a new product line facility within its plant in General Santos City.

The listed international seafood firm said in a statement released on Thursday that it is finalizing a business tie-up with Kawasho Foods Corp., with the signing of a partnership agreement set for the third quarter of this year.

The facility will enable the company to distribute its seafood products in accessible pouches.

“This new product line is very cost effective, and can easily showcase the high quality of our seafood while also delivering more value for our customers,” Alliance Select President Raymond KH See was quoted as saying in a statement.

The partnership is part of Alliance Select’s effort to widen its customer base in Japan, in order to strengthen its market share and presence in the East Asian market.

Established in 2004, the Tokyo-based Kawasho operates as a consumer goods company with distribution channels in Japan, particularly in department stores, supermarkets, and convenience stores.

This year, Alliance Select has allotted P30 million to help expand its product line and improve its logistics capabilities.

The company generated P90,925 in attributable net income in the first three months of 2017, lower than its net income of P513,000 in the same period a year ago.

Shares in Alliance Select were unchanged on Thursday at 84 centavos each. — Arra B. Francia