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Thursday, March 28, 2024

Dennis Uy to list shares of other firms in 2 years

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Businessman Dennis Uy is open to listing other companies he owns over the next couple of years after aggressively expanding his empire in the last couple of years.

Uy said the company was confident of listing other businesses with good fundamentals and growth potentials that could meet expectations, adding it would depend on market conditions.

Uy said listing the shares of his other companies would ensure full transparency and comply with the highest standard of good governance.

He declined to identify which companies would be list with the Philippine Stock Exchange.

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Uy, who is a well known ally and supporter of President Rodrigo Duterte, already has three listed firms, namely 2GO Group Inc., Phoenix Petroleum Philippines Inc. and Chelsea Logistics Holdings Inc.

Uy though holding company Udenna Corp. has expanded his empire to include education, logistics gaming, real estate development, reclamation and convenience stores in less than two years. 

Uy obtained a gaming license for his first integrated resort and casino in Cebu called Emerald Resort and Casino, and acquired Bonifacio Global City-based school Enderun Colleges.

It also purchased the company developing a 177-hectare logistics hub in Clark after buying out Global Gateway Development Corp. Holdings. and took over the local operator of FamilyMart convenience stores.

Uy’s Chelsea has acquired more vessels as it pursues its goal of becoming the country’s prime mover of vital goods, cargoes and people.

Chelsea’s unit Trans-Asia Shipping Lines Inc. in July purchased a 6,348 GRT cargo vessel named MV Orient Spirit. The vessel, which has a capacity of 400 twenty-foot equivalent units, will be in operation by the first quarter of 2018 and ply the Manila-Cebu-Manila route.

The company also acquired Starlite Ferries Inc., a roll-on, roll-off and passenger ship operator in Batangas and other routes, to strengthen its position in the Southern Luzon (Batangas)-to-Northern Visayas (Calapan, Odiogan, Roxas) route. 

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