MANILA, Philippines — Chelsea Logistics and Infrastructure Holdings Corp. made headway with its proposal to modernize the Sasa Port in Davao City after it bagged the original proponent status, the company told the stock exchange Friday.
The company led by Davao-based tycoon Dennis Uy — one of President Rodrigo Duterte’s top donors during the 2016 presidential campaign — said the 25-year joint venture agreement for the rehabilitation of Sasa Port will run in five phases.
Phases One and Two of the project will be completed in 2021 and 2023, respectively. Being the original bidder, Chelsea has the right to match the offers given by other groups via a competitive challenge.
“As a dominant player in the country’s shipping and logistics industry, Chelsea has been given the opportunity to further upgrade the supply chain management landscape of the country,” said Chelsea President and CEO Chryss Alfonsus Damuy.
According to Chelsea, the project seeks to deliver port capacity expansion, as well as flow improvement of waterborne commerce and inter-island seaborne commerce and foreign trades.
The proposal also targets to streamline, enhance and optimize port maintenance and operations.
“The project will also promote regional development through the dispersal of industries and commercial activities throughout the region,” it added.
Shares in Chelsea were up 40 centavos or 6.31% to close at P6.91 apiece Friday.