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Commission Decision 29-M-036/2017 Acquisition by Chelsea Logistics Holdings Corp. of Shares of Stock of Starlite Ferries Inc.
Commission Decision 29-M-036/2017
Acquisition by Chelsea Logistics Holdings Corp. of Shares of Stock of Starlite Ferries Inc.
ABSTRACT:
The Notified Transaction involves the proposed acquisition by Chelsea Logistics Holdings Corp. (CLHC) of shares of stock of Starlite Ferries, Inc. (Starlite).
CLHC is a Philippine-registered holding company which, through its wholly-owned subsidiaries, engages in domestic shipping activities. CLHC through its subsidiary Udenna Investments BV holds indirect economic interest in 2Go Group, Inc.
CLHC’s other subsidiaries are Chelsea Shipping Corp. (CSC) which is engaged in the maritime conveyance of petroleum products and merchandise of every kind and description over waterways in the Philippines, and Trans-Asia Shipping Lines, Inc. (Trans-Asia) which is engaged in transporting passengers and cargo within Philippine territorial waters and/or high seas.
Starlite is a Philippine corporation engaged in domestic shipping, operating passenger and cargo vessels with routes in Batangas, Mindoro, Roxas, Aklan and Romblon.