Uy’s Udenna bullish on Negros purchase
Udenna Corp., the parent of listed Phoenix Petroleum Philippines Inc., is optimistic its acquisition of a significant stake in a local company that indirectly holds a majority share in Negros Navigation Co. Inc. will boost the company’s bottom line.
Udenna is a diversified holding company engaged in distribution and retailing of petroleum products, commercial shipping, ship management, logistics, financial services, environmental services and property development.
It bought about 32 percent of Negros Navigation from KGLI-BV, a Dutch company, through local unit KGLI-NM Holdings Inc.
Negros Navigation is a major shareholder of the 2Go Group Inc., currently the largest integrated transport solutions provider in the Philippines.
“2Go’s growth has been constant over the last couple of years, making it an attractive long-term venture for us,” said businessman Dennis Uy, who owns and controls Udenna.
“We believe that the acquisition is in line with Udenna’s goal of investing in related and allied businesses where we can contribute to further enhance its value and consequently promote our Company’s expansion,” Uy said.
He said the acquisition would expand boost Udenna’s presence in the logistics business, Chelsea Shipping Corp., which handles the transport of petroleum and related products. 2Go, meanwhile, carries other commodities and passengers as well.
Uy said Udenna had recognized 2Go’s profitability and growth.
“Thus, its contribution to Udenna’s bottom line will boost shareholder value,” Uy said.
Udenna is the major shareholder of Phoenix Petroleum, one of the country’s fastest-growing independent oil companies.
Phoenix is engaged in the business of trading refined petroleum products and lubricants, operation of oil depots and storage facilities, shipping and logistics and allied services.
The company is also involved in integrated logistic services, which include hauling and into-plane services of jet-A1 fuels to airports and airlines and refueling of aircraft in key cities.
It is owns and operates Chelsea Shipping, which is engaged in point-to-point transfer of oil, fuel and other liquid cargo across the Philippines.