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Chelsea Logistics plans to convert common shares into preferred shares to raise funds

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Chelsea Logistics Holdings Corp. (CLC) plans to convert some of its common shares into preferred shares in order to support its capital spending for 2018.

In a disclosure to the stock exchange on Wednesday, March 21, the firm said the funds raised from the conversion of equity will fund acquisition of vessels, for strategic mergers and acquisitions, and the expansion of its shipping, transportation, and logistics projects.

“Aligned with its shipping business, there are a number of business opportunities being presented to the Company for the operation of airports and ports, and also facilities which can be utilized in connection with its logistics business. The creation of Preferred Shares will generate additional funds for the Corporation to utilize for these business opportunities,” the company said. — Arra B. Francia