Uy plans to list other companies in 2018

DAVAO-BASED businessman Dennis A. Uy is aiming to list his other companies on the Philippine Stock Exchange by next year, citing the positive business climate in the country.

“We plan to do more listings next year,” Mr. Uy told reporters in Taguig City late Tuesday.

Mr. Uy’s holding firm, Udenna Corp., has a diverse range of businesses under its control, including oil retailing firm Phoenix Petroleum Holdings, Inc., Chelsea Logistics Holding Corp. ( CLC), property company Udenna Development Corp., and Udenna Management and Resources Corp.

Of these firms, Phoenix Petroleum conducted an initial public offering (IPO) in 2007, followed by Chelsea Logistics in June this year. 2GO Group, Inc., where Mr. Uy acquired a 28.15% direct economic interest earlier this year, is also listed at the PSE.

Asked which company would do an IPO in 2018, Mr. Uy said it depends on a number of factors that would determine if the company is “ripe” for public trading.

“Fundamentals should be good. There should be growth potential, you have meet the expectations of the public as your members. And timing. If it’s bear market, how can you list,” Mr. Uy said.

The businessman has currently been on an acquisition spree that would expand his shipping company by 10%, as well as contribute to the company’s earnings in the fourth quarter of this year.

Among these include a cargo vessel named MV Orient Spirit with a gross registered tonnage ( GRT) of 6,348 traversing the Cebu-Cagayan and Cebu-Butuan routes. The vessel with a capacity of 400 20-foot equivalent units (TEUs) that will ply the ManilaCebu-Manila route starting the first quarter of 2018.

CLC’s unit Fortis Tugs Corp. purchased a 125 GRT Japanesebuilt tugboat, MT Fortis VI, set to be operational by this month, increasing its tugboat fleet to nine.

CLC also earlier added three vessels to support the cargo transport requirements of 2GO Group with a combined GRT of 15,811.

“The newly acquired vessels will bring us another step closer to fulfilling our commitment to growth in order to realize more value for our stakeholders, from investors to the consumers,” Mr. Uy, who also sits as CLC’s chairman, said in a statement.

Mr. Uy also recently completed the buyout of management school Enderun Colleges, Inc. as well as purchased the chain of convenience stores under the FamilyMart brand.

In terms of growing the FamilyMart business, Mr. Uy said it would complement Phoenix Petroleum’s 518 stations in the country.

“It’s expanding in our stations and outside the stations,” Mr. Uy said.