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SM Investments completes buyout of Chelsea Logistics stakes in 2GO

Sy family’s SM Investments Corp. (SMIC) on Thursday said it has completed the purchase of the shares of Chelsea Logistics and Infrastructure Holdings Corp. in 2GO Group Inc.

In a disclosure to the Philippine Stock Exchange, SMIC said it has completed its acquisition from KGLI-NM Holdings Inc. of 550,558,388 common shares representing 22.36% of 2GO Group, via a special block sale.

The transaction resulted in the increase of SMIC’s current shareholding in 2GO Group from around 30.53% to approximately 52.85%.

“Following this transaction, 2GO is now a subsidiary of SMIC,” SMIC said.

In a separate disclosure, Chelsea said the sale of its 2GO shares was done by its 90%-owned subsidiary KGLI-NM Holdings Inc. at P8.50 per share.

The Dennis Uy-led Chelsea announced in March its plan to divest from 2GO Group to raise funds to refinance its debts and shield the company from potential losses.

Apart from SMIC, Chelsea said it has also completed the sale of 230,563,877 common shares of 2GO Group to Trident Investments Holdings Pte. Ltd.

The shares sold to SMIC and Trident represent 31.73% or Chelsea’s entire effective interest in 2GO Group.

Trident is an entity directly controlled and majority owned by Archipelago Asia Focus Fund II Pte Ltd, a company incorporated under the laws of the Republic of Singapore and is indirectly controlled by Archipelago Capital Partners Pte. Ltd.

Archipelago is a Singapore-based private equity firm that is licensed by the Monetary Authority of Singapore and invests across South East Asia.

Post transaction, Uy stepped down as chairman and director of 2GO Group.

He was replaced by SMIC president and CEO Frederic Dybuncio. -MDM, GMA News