CHELSEA Logistics and Infrastructure Holdings Corp. announced on Monday that it bought out the minority interest in KGLI-NM Holdings, Inc. being held by ES Consultancy Group, Inc., as part of the former’s full divestment from 2GO Group, Inc.
Chelsea purchased from ES Consultancy Group 43,081 redeemable preferred B shares and 200 common shares, or the subject shares, of KGLI-NM Holdings, the listed company said in a disclosure to the stock exchange.
The company said the total purchase price for the subject shares is P874.95 million or a purchase price of P20,309.30 per preferred B share and P10 per common share.
“That is just a procedure to complete the post processes of our 2GO divestment,” Chelsea Logistics President and Chief Executive Officer Chryss Alfonsus V. Damuy told BusinessWorld in a phone message.
“Valuation is the proportional share of ES Consultancy Group in the 2GO Group shareholdings of KGLI-NM Holdings,” Chelsea noted.
ES Consultancy Group, the seller, is a minority shareholder in KGLI-NM Holdings, where both Udenna Investments B.V. and Chelsea are also stockholders.
“KGLI-NM Holdings is a corporation duly organized and existing under Philippine laws. 50.37% of KGLI-NM shares are owned by Udenna Investments B.V., and 39.70% is owned by Chelsea,” the listed company said.
As a result of the transaction, KGLI-NM Holdings will be wholly owned by Chelsea as the other shareholder of KGLI-NM, Udenna Investments B.V., is wholly owned by Chelsea Logistics.
Chelsea announced in March that it would sell its entire stake in 2GO Group to SM Investments Corp. (SMIC). — Arjay L. Balinbin