Philippine conglomerate Chelsea Logistics and Infrastructure Holdings Corporation (CLC) has entered into agreements to sell its entire effective interests of around 31.73 per cent in ferry operator 2Go Group to local retail operator and property developer SM Investments Corporation (SMIC), the companies confirmed via separate regulatory filings with the Philippine Stock Exchange late last week.
The acquisition will increase SMIC's current shareholding in 2Go from 30.49 per cent to at least a majority of the outstanding voting capital stock of 2Go, making the latter a subsidiary of SMIC.
CLC said the transaction is expected to be closed and all its shares sold to SMIC within the next three months.