CLC falls further as it eyes tanker buy

Logistics shipsales

Newly listed Philippines owner reveals more of its acquisition plans post-IPO.

The
share
price
of
newly
listed
Philippines
shipowner
Chelsea
Logistics
Corp
(CLC)
has
fallen
on
its
second
day
of
trading
as
executives
revealed
more
of
their
acquisition
plans.

The
stock
was
down
4.92%
at
PHP
10.04
on
Wednesday,
against
the
IPO
price
of
PHP
10.68,
giving
it
a
market
cap
of
PHP
18.29bn
($361m).

It
raised
$116m
from
selling
shares
on
the
Philippines
Stock
Exchange.

Net
proceeds
amounted
to
PHP
5.5bn.
Of
this,
PHP
3.2bn
has
been
set
aside
to

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Gary Dixon