Advertisement

Dennis Uy: Next target is tourism

After making significant purchases over just one year, Davao-based businessman Dennis Uy remains on an acquisition mode and bullish about the domestic economy.

The 43-year old Uy said in an interview he was interested in businesses related to his group’s core businesses like logistics, shipping and petroleum.

The chairman at Chelsea Logistics Holdings Corp. and vice chairman, president and chief executive officer of Phoenix Petroleum Philippines Inc. is also open to investing in non-related sectors, like education and tourism-related projects.

Dennis Uy
After acquiring a 28-percent stake in logistics firm 2GO Group Inc., Uy made two significant deals this year—acquiring Enderun Colleges Inc. and Petronas Energy Philippines Inc., the local unit of Malaysia’ Petroliam Nasional Berhad engaged in in the business of selling liquefied petroleum gas.

Uy also has investments in the tourism business through a franchise of Go Hotels and a planned $300-million integrated resort and casino in Cebu.

“I think our country soon—with the infrastructure programs of the government (through) Build, Build, Build—will really experience a boom in tourism. From seven million (tourists a year), it’s not hard to imagine a 20 million tourism industry,” Uy said.

“And what makes our country better than others—Malaysia, Thailand—is that we speak English fluently, we have better tourism destinations,” he added.

Uy through Chelsea Logistics plans to further increase its stake in 2GO Group Inc. to 38.8 percent, making it the single biggest shareholder and with management control.

The increased equity will enable CLC to consolidate 2GO Group’s operations under the parent firm.

CLC president Chryss Damuy said the company had a pending application with the Philippine Competition Commission to acquire the remaining 20 percent share in KGLI-NM Holdings Corp. held by the former management of Negros Navigation Co. Inc.

CLC Udenna Investments has an 80 percent economic interest in KGLI-NM, which it turn holds a 38.8 percent economic interest in Negros Navigation, which owns 88.3 percent of 2GO Group.

The acquisition once approved the the PCC will trigger a tender offer for the remaining minority shareholders of 2GO.

The Securities Regulation Code requires a mandatory tender offers when a person or group of persons intends to acquire 35 percent of the outstanding voting shares of a public company in one or more transactions within a period of 12 months.

SM Investments Corp. also owns a 34.5 percent interest in 2GO.

Topics: Dennis Uy , Chelsea Logistics Holdings Corp. , Phoenix Petroleum Philippines Inc. , tourism
COMMENT DISCLAIMER: Reader comments posted on this Web site are not in any way endorsed by Manila Standard. Comments are views by manilastandard.net readers who exercise their right to free expression and they do not necessarily represent or reflect the position or viewpoint of manilastandard.net. While reserving this publication’s right to delete comments that are deemed offensive, indecent or inconsistent with Manila Standard editorial standards, Manila Standard may not be held liable for any false information posted by readers in this comments section.
AdvertisementKPPI
Advertisement