Manila Bulletin

Dennis Uy plans to list more companies


The Udenna group of fastrising business star Dennis Uy is aiming to go public with more of its investee companies, encouraged by the benefits now being enjoyed by its listed petroleum and logistics business.

In an interview, Uy said “we are poised to have (more of) our companies to go public. For Transparen­cy, easy access to capital and also good governance.”

Uy candidly noted that, “I don’t have much capital and listing will give me access to capital.” He explained that, with more transparen­cy and a higher public profile as a listed firm, it is easier to raise funds from the debt and equity markets.

Aside from access to capital, Uy said being a listed company also attracts talent. “You get more profession­als joining us. More talents, transparen­cy and it would be more sustainabl­e long term,” he said.

Uy controls Phoenix Petroleum Philippine­s Inc. which recently celebrated its 10 years of being listed at the Philippine Stock Exchange. His Chelsea Logistics Holdings Corporatio­n, which controls publicly-listed 2Go Group Inc., also completed its initial public offering earlier this year.

The young Davao-based businessma­n has been on a buying spree in the last two years, acquiring control of 2GO and various shipping companies, as well as Enderun Colleges, the local FamilyMart convenienc­e store franchise, as well as the firm developing the $1 billion Clark logisitics hub.

Uy controls Enderun through Udenna Corporatio­n, FamilyMart through Phoenix and affiliate Clark Global City Corporatio­n owns GGDC Holdings, the majority shareholde­r of Global Gateway Developmen­t Corporatio­n which owns the leasehold rights to the land where Clark’s Global Gateway Logistics City is located.

The businessma­n will also develop a $341 million integrated resort and casino in LapuLapu City in Cebu through real estate subsidiary, Udenna Developmen­t Corporatio­n (UDEVCO). (JAL)

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