CHELSEA LOGISTICS and Infrastructure Holdings Corp. said its board of directors has approved the sale of its common and preferred shares in telco startup Dito Telecommunity Corp. to Dito Holdings Corp.
In a disclosure to the stock exchange, Chelsea Logistics said its board of directors approved on Oct. 30 the sale of its 40,833,332 common shares and 22,916,666 preferred shares in the telco startup to Dito Holdings Corp., a holding company that is separate and distinct from the listed Dito CME Holdings Corp.
“The nature and amount of consideration will be disclosed once the deed of assignment is finalized or executed,” it added.
Chelsea Logistics said it will continue to hold 25% of the telco startup “albeit indirectly thru Dito Holdings Corporation.”
The listed company explained that the transfer of the shares is only for the purpose of restructuring its shareholdings in the telco startup, and “to streamline the shareholdings of the corporation and of Udenna Corp. in Dito Telecommunity through a holding company, Dito Holdings Corp.”
Chelsea Logistics said Dito Holdings Corp. was registered with the Securities and Exchange Commission in October last year. Aside from Chelsea Logistics, Udenna Communications, Media and Entertainment Holdings Corp. is also a major stakeholder of Dito Holdings Corp. — Arjay L. Balinbin
