Uy acquisition spree continues, buys majority in digital payment platform

Davao-based businessman Dennis Uy continues with his acquisition spree to grow his diverse portfolio of businesses which now includes petroleum, shipping, logistics, retail, hospitality and other tourismrelated ventures.

In a disclosure yesterday, Uy’s flagship Phoenix Petroleum Philippines Inc. said it has approved the acquisition of a majority stake in Pos!ble.net, a digital payment platform.

Pos!ble.net enables and facilitates financial transactions between a merchant who avails and uses the service and his customers who use the platform to purchase, buy or pay all kinds of prepaid loads, bills and money remittances through a single point of sale devise.

“The board of directors of Phoenix Petroleum Philippines Inc. has approved the acquisition of up to 75 percent outstanding common share in Action Able Inc. (AA) from Wildlemon Inc. and certain individuals and the acquisition of up to 75 percent outstanding common shares from Wildlemon Inc. and certain individuals and the acquisition of up to 75 percent of the outstanding share in Think.Able Ltd. (TA) from Seawood Prime Ltd.” Phoenix Petroleum said.

AA and TA are the owners of Pos!ble.net.

Phoenix said the acquisition of Pos!ble.net, through AA and TA, would support the business operations of Phoenix Petroleum aside from synergies on its retail network development for its various fuel products, as well as its subsidiaries and affiliates such as the business operations of Philippine FamilyMart.

At present, Uy’s investment holding firm Udenna Group consists of a dynamic group of companies engaged in diverse businesses including petroleum and oil (Phoenix Petroleum), shipping and logistics (CLC and 2Go), real estate and property development (Udevco), education (Enderun) and convenience stores (FamilyMart).

Udenna is also behind Clark Global City, a fully masterplanned central business district in Mabalacat, Pampanga with over seven million square meters of planned floor space.

The value of the transaction involving the two companies is P72 million.