spot_img
28.6 C
Philippines
Friday, March 29, 2024

2GO disclaims investor; Phoenix sues

- Advertisement -

2GO Group Inc. said on Friday the Tagud family remains in control of the publicly listed logistics company and belied the investment of the parent firm of Phoenix Petroleum Philippines Inc. into the company.

2GO Group issued the statement after Udenna Corp., the parent of Phoenix Petroleum, sought a court order to enforce the latter’s investment in the logistics company. 

“The [management] structure is stable, solid and there has been no change in our book. If there are any prospective partners or investors who want to come in, I believe the management would welcome that provided that all investments are compliant with laws,” 2GO corporate secretary Lawrence Tanlu told reporters in a briefing. 

“Our records show that there’s no purchase of Phoenix or any other corporations that is very, very interested into buying into 2Go or any of our subsidiaries,” he added. 

Udenna Corp., the parent of Phoenix Petroleum, earlier said it bought 100 percent of KGL Investments B.V. (KGLI BV), a Dutch company, which owns about 40 percent of the voting stock and 80 percent of  KGLI-NM Holding. 

- Advertisement -

KGLI-NM, meanwhile, has about 60 percent of the voting stock and a 40-percent beneficial interest in Negros Navigation Co.

Nenaco, in turn, owns about 88 percent of 2Go Group Inc. As a result, Udenna Investments indirectly has 21 percent voting and 28 percent beneficial interests in 2Go.

Lorna Kapunan, legal counsel of Nenaco said there was no change in the majority ownership of the 2GO Group and it remains owned by the Tagud family. 

“In the interest of transparency we are awaiting for the documents. We do not want uncertainty created among partners and alliance,” Kapunan said. 

Sought for comment, Dennis A. Uy, owner of  Udenna said an intra-corporate complaint for injunction, nullification and damages with application for issuance of TRO and/or writ of preliminary injunction was filed Friday with the Regional Trial Court of Manila.

“Essentially, the complaint just seeks to enforce the right of Udenna Investments as shareholder to participate in the management of KGLI-NM and enjoin Negros Holdings Management Corporation/KGLI-NM from excluding Udenna Investments in participating in such management,” he said. 

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.

“We have not received a copy of the complaint,” 2GO’s Tanlu said.

- Advertisement -

LATEST NEWS

Popular Articles