By: Manila Bulletin
SM Investments Corporation (SMIC) is acquiring the 31.73 percent stake of Chelsea Logistics and Infrastructure Holdings Corporation in 2GO Group Inc., for about P6.64 billion, to gain control of the shipping and logistics firm.
In a disclosure to the Philippine Stock Exchange, SMIC said its Board of Directors has approved the acquisition of 2GO Group, Inc. shares that will increase SMIC’s current shareholding if 30.49 percent.
Chelsea, the Udenna Group’s shipping and logistics subsidiary, said in a separate disclosure that it has signed agreements to sell its entire effective stake of around 31.73 or about 781.24 million shares in affiliate 2GO at P8.50 per share.
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