The board of logistics company 2Go Group Inc. recognized Davao-based businessmen Dennis Uy as a shareholder and a member of the board, after several months of ownership squabble.
2Go said in a disclosure to the stock exchange the board of directors in a meeting on Feb. 6 accepted the election of Uy and lawyers Jose Amor Amorado, Joseph Tan and Elmer Serrano.
The entry of Uy was strongly opposed by existing shareholders led by 2Go president Sulfico Tagud.
Seven directors and officers resigned, including Li Wen, Patrick Ip, Nelson Yap, Mark Williams, Amado Santiago III as corporate secretary, Manuel Eduardo Carlos as assistant corporate secretary and Jeremias Cruzabra as corporate information officer.
Uy’s Udenna Corp., the parent of listed Phoenix Petroleum Philippines Inc., announced its entry in the 2Go Group by acquiring the 32-percent stake of KGL Investment B.V., a company based in The Netherlands.
KGL has about 60 percent of beneficial ownership in KGLI-NM Holdings Inc., which controls Negros Navigation Co. Inc. which in turn owns 88.31 percent of 2Go Group.
Udenna Investments indirectly has 21-percent voting and 28-percent beneficial interests in 2Go.