The Philippine Competition Commission said it started to review the deal between Udenna Corp. and Trans-Asia Shipping Lines Inc. after the agency received the notification on Sept. 21, 2018.
The deal was earlier canceled on June 28, 2018 after the commission determined the parties’ failure to file a notification of the acquisition.
The commission conditionally cleared Chelsea Logistics Holding Corp.’s purchase of shares in KGLI-NM Holdings Inc., which owns 2Go Group Inc.
“Compliance is the cornerstone of fostering a culture of competition. The competition law is fair as it rewards faithful observance of the rules while it penalizes violations,” said PCC chairman Arsenio Balisacan.
Udenna Corp. chief executive Dennis Uy and other representatives signified their intent to comply with the compulsory notification requirements of the Philippine Competition Act and their willingness to offer voluntary commitments to address the competition concerns arising from Udenna’s concurrent ownership of 2Go and TransAsia.