Thursday 25 May 2017
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7 days ago

Uy’s Chelsea Logistics gets $220M loan from China

MANILA -- Businessman Dennis Uy s Chelsea Logistics Corp. signed on Thursday a $220 million (P10.9 billion) loan deal with the Bank of China Ltd., part of Uy s broader goal to become a major player in the Philippines s fragmented logistics sector. In a statement, Chelsea said proceeds from the loan would be used to acquire a substantial stake in 2GO Group Inc., a company controlled by the SM Group and Uy, best known as the owner and CEO of Phoenix Petroleum. The objective is to consolidate Uy s logist

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