Dennis Uy's Chelsea Logistics takes over SuperCat Fast Ferry

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The empire of Davao-based businessman Dennis Uy continues to grow as it acquires fastcraft operator SuperCat.

Metro Manila (CNN Philippines, October 14) — Businessman Dennis Uy's Chelsea Logistics and Infrastructure Holdings Corp. has completed its takeover of SuperCat Fast Ferry Corporation.

In a disclosure to the Philippine Stock Exchange, the shipping and logistics arm of the Udenna Group said on Monday it has fully acquired the operations of SuperCat, previously owned by the 2GO Group Inc., on October 9.

Chelsea has a 28.15 percent indirect stake in 2GO through its susidiary Udenna Investments B.V. The unit has a minority stake in Negros Navigation Co., which owns 88.31 percent of 2GO.

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SuperCat operates 11 fastcrafts or high-speed water vessels which ferry passengers and cargo across Cebu; Ormoc, Leyte; Tagbilaran, Bohol; Batangas; Calapan, Mindoro; Bacolod City and Iloilo.

Uy established Chelsea in 2016 and took it public a year later. It now serves as the holding firm for the tycoon's shipping and logistics businesses.

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Uy is also involved in fuel, food and restaurant, and telecommunications. He is now the 22nd richest Filipino with $660 million assets according to Forbes.

Shares at Chelsea closed at ₱7.12 apiece on Monday, up 2.89 percent from the previous trading session.