Chelsea Logistics acquires Worklink Services

Chelsea Logistics Holdings Corp. has acquired Worklink Services Inc., another logistics firm, as part of efforts to expand and boost its core business after going public earlier this year.

In a disclosure to the Philippine Stock Exchange, Chelsea said it bought Worklink Services—a cargo forwarder for food, garments, documents, and industrial equipment—on Wednesday, November 8.

"WSI will augment our logistics and manpower business as well as create additional synergy within the group," Chelsea president and CEO Chryss Alfonsus Damuy said.

"The acquisition will prove even more valuable in steering CLC to greater heights by bringing in an experienced and competent management and staff, who have been in the logistics business for more than 20 years," he added.

In September, CLC acquired 100 percent of Starlite Ferries Inc.

Chelsea debuted on the PSE on August 8, opening at P11.04 per share, up 3.37 percent from an initial public offering (IPO) of P10.68 per share.

As of 2:30 p.m. Thursday, Chelsea shares were trading at 9.85 apiece, up 5.24 percent from 9.36 per share when the market closed on Wednesday. — Jon Viktor Cabuenas/VDS, GMA News