22 Nov Chelsea Acquires Cebu Based Shipping Company
President and CEO, Mr. Dennis A. Uy, signed a share purchase agreement with Cebu based shipping company Trans-Asia Shipping Lines, Inc. (TASLI) on 22 November 2016. Chelsea Shipping Corp. (CSC) and TASLI will be under the newly formed Chelsea Logistics Corp. (CLC) which will be the holding company of the shipping business of the Udenna Corporation.
Chelsea Logistics Corp. now holds 100% of the shares of TASLI and its subsidiaries namely, Ocean Star Shipping Corporation, Starsy Shoppe Inc., Dynamic Cuisine Inc., and Quality Metal & Shipworks Inc..
With the acquisition, CLC now owns nine (9) passenger / cargo vessels in addition with its existing fleet accommodating a wider market segment. Present at the ceremony were TASLI’s Executives namely, Mr. Arthur Kenneth L. Sy, Mr. Julian L. Sy, Mr. Abraham L. Sy and Ms. Judith Ann S. Sandoval together with CLC’s Executives namely Mr. Chryss Alfonsus V. Damuy, Ms. Ignacia S. Braga IV and Atty. Ma. Henedina V. San Juan.