Sunday, May 22, 2022
manilastandard.net
ADVERTISEMENT
  • About
  • News
    • Top Stories
    • National
    • World News
    • Pinoy Abroad
    • Features
  • Opinion
    • Editorial
    • Columns
    • Soundbytes
  • LGUs
    • NCR
    • Luzon
    • Visayas
    • Mindanao
  • Business
    • Corporate
    • Economy & Trade
    • Stocks
    • Money
    • Agri & Mining
    • Power & Tech
    • IT & Telecom
  • Sports
    • Basketball
    • Volleyball
    • Fightsports
    • Active
    • Sports Plus
    • One Championship
    • Columns
  • Entertainment
    • TV & Movies
    • Celebrity Profiles
    • Music & Concerts
    • Digital Media
    • Columns
  • Lifestyle
    • Food
    • Culture & Media
    • Fashion
    • Health and Home
    • Leisure
    • Shopping
    • Columns
  • Others
    • Pets
    • Pop.Life
      • Newsmakers
      • Hangouts
      • A-Pop
      • Post Its
      • Performances
      • Malls & Bazaars
      • Hobbies & Collections
    • Technology
      • Gadgets
      • Computers
      • Business
      • Tech Plus
    • MS ON THE ROAD
      • Sedan
      • SUV
      • Truck
      • Bike
      • Accessories
      • Motoring Plus
      • Commuter’s Corner
    • Home & Design
      • Residential
      • Commercial
      • Construction
      • Interior
    • Spotlight
    • Gallery
      • Photos
      • Videos
    • Events
      • Seminars
      • Exhibits
      • Community
    • Biyahero
      • Travel Features
      • Travel Reels
      • Travel Logs
  • Advertise with Us
No Result
View All Result
  • About
  • News
    • Top Stories
    • National
    • World News
    • Pinoy Abroad
    • Features
  • Opinion
    • Editorial
    • Columns
    • Soundbytes
  • LGUs
    • NCR
    • Luzon
    • Visayas
    • Mindanao
  • Business
    • Corporate
    • Economy & Trade
    • Stocks
    • Money
    • Agri & Mining
    • Power & Tech
    • IT & Telecom
  • Sports
    • Basketball
    • Volleyball
    • Fightsports
    • Active
    • Sports Plus
    • One Championship
    • Columns
  • Entertainment
    • TV & Movies
    • Celebrity Profiles
    • Music & Concerts
    • Digital Media
    • Columns
  • Lifestyle
    • Food
    • Culture & Media
    • Fashion
    • Health and Home
    • Leisure
    • Shopping
    • Columns
  • Others
    • Pets
    • Pop.Life
      • Newsmakers
      • Hangouts
      • A-Pop
      • Post Its
      • Performances
      • Malls & Bazaars
      • Hobbies & Collections
    • Technology
      • Gadgets
      • Computers
      • Business
      • Tech Plus
    • MS ON THE ROAD
      • Sedan
      • SUV
      • Truck
      • Bike
      • Accessories
      • Motoring Plus
      • Commuter’s Corner
    • Home & Design
      • Residential
      • Commercial
      • Construction
      • Interior
    • Spotlight
    • Gallery
      • Photos
      • Videos
    • Events
      • Seminars
      • Exhibits
      • Community
    • Biyahero
      • Travel Features
      • Travel Reels
      • Travel Logs
  • Advertise with Us
No Result
View All Result
manilastandard.net
No Result
View All Result
Home Business

Udenna confirms partnership talks on sale of assets

Alena Mae S. FloresbyAlena Mae S. Flores
May 13, 2022, 8:45 pm
in Business, Corporate
Reading Time: 2 mins read
A A
195
SHARES
Share on FacebookShare on TwitterShare on Email

Udenna Corp., controlled by businessman Dennis Uy, confirmed on Friday possible partnerships for its assets amid strong investor interest as the country returns to post-pandemic recovery.

Udenna president Martin Escalona said the company remained open to exploring different opportunities in its normal course of business.

“With the strong post-pandemic recovery of the Philippines as evidenced by the better-than-expected GDP growth rate in the first quarter of this year, we have seen the return of investor confidence, and accordingly there has been renewed interest in discussing several partnerships and strategic alliance opportunities with the Group,” Escalona said.

He issued the statement in reaction to the report of Reuters that Uy was considering the sale of his business endeavors, including the stake in the Malampaya deep water to gas project.

Udenna’s UC38 LLC business is a 45-percent stakeholder in the Malampaya project, which supplies five power plants in Luzon with a combined capacity of 3,200 megawatts.

ADVERTISEMENT

Udenna wanted to acquire the 45-percent stake of the Shell Group in the Malampaya gas project, but it failed to get the consent of joint venture partner PNOC Exploration Corp., which represents the government’s interest in the project.

“The group’s investment philosophy has always been and remains to be to maximize shareholder value through strong partnerships with strategic investors and maintain core assets that provide maximum synergies with the other companies within the Udenna Group,” Escalona said.

Escalona did not provide additional details when asked about specific assets and the timeline of the possible partnerships.

Aeropark Development Philippines Inc., a special purpose entity owned by funds managed by CarVal Investors, said it invested in West Aeropark, a five-building development with a combined gross floor area of 142,000 square meters previously owned by Udenna Land’s Global Gateway Development Corp. in Clark Global City, Pampanga for an undisclosed amount.

ADPI is the local special purpose entity owned by funds managed by CarVal Investors, an established global alternative investment manager focused on distressed and credit-intensive assets.

CarVal/ADPI is the largest and controlling investor in the West Aeropark transaction. This transaction is a collaborative effort between CarVal/ADPI and SofCap Partners, a growth equity investment firm based in the Philippines. SofCap will manage the West Aeropark assets.

CarVal/ADPI and SofCap said they worked closely with Udenna’s GGDC and bank lenders to consummate the transaction. Proceeds from the transaction will ultimately support Udenna’s ongoing liabilities management exercise.

Udenna’s other businesses include Phoenix Petroleum Philippines Inc., which represents the petroleum group of Udenna, Chelsea Logistics and Infrastructure Holdings Corp., Enderun Colleges, Conti’s Bakeshop & Restaurant, PH Resorts, Udenna’s hospitality, and gaming arm, Udenna Land and Udenna Infrastructure Corp.

Tags: Martin Escalonapartnership talkspost-pandemic recoveryUdenna Corp.
ADVERTISEMENT
Alena Mae S. Flores

Alena Mae S. Flores

Related Posts

Global esports firm unveils PH expansion

byManila Standard Sports
May 21, 2022, 7:30 pm
0
136
MGI accelerates business revolution with world-class commissary

Galaxy Racer, the largest esports, gaming, and lifestyle organization in the world, teamed up with Tyronne Escalante Artist Management to...

Read more

Isuzu names new president for PH operations

byOthel V. Campos
May 21, 2022, 7:20 pm
0
142
MGI accelerates business revolution with world-class commissary

Isuzu Philippines Corp. announced a change in corporate leadership as it welcomes new president Noburo Murakami after Hajime Koso bid...

Read more

MGI accelerates business revolution with world-class commissary

byManila Standard Business
May 21, 2022, 7:10 pm
0
144
MGI accelerates business revolution with world-class commissary

For years now, Max’s Group Inc. has consistently shown its ingenuity and resolve to be more than just a restaurant...

Read more

MTek forms unit to bring health technologies closer to Filipinos

byDarwin G. Amojelar
May 21, 2022, 7:00 pm
0
135
Banaag assumes post as Bright Kindle director

Manila Healthtek Inc. launched a new subsidiary called GenAmplify Technologies Inc. to bring health-related technologies closer to Filipinos. GTI, named...

Read more

STI’s income jumps 192% to P241.2 million

byJenniffer B. Austria
May 21, 2022, 1:12 pm
0
144
Banaag assumes post as Bright Kindle director

STI Education Systems Holdings Inc., one of the country’s largest networks of schools owned by the Tanco family, reported a...

Read more

Diokno sees over 8.3% growth in Q2

byJulito G. Rada
May 20, 2022, 10:00 pm
0
211
Traditional sweet factory in central England enjoys global sugar rush

Bangko Sentral ng Pilipinas Governor Benjamin Diokno said Friday he expects the second-quarter gross domestic product growth to be faster...

Read more
ADVERTISEMENT
Facebook Twitter Instagram Youtube

ABOUT US

Manila Standard

Manila Standard website (manilastandard.net), launched in August 2002, extends the newspaper’s reach beyond its traditional readers and makes its brand of Philippine news and opinion available to a much wider and geographically diverse readership here and overseas.

Digital Edition

In tone and content, the online edition mirrors the editorial thrust of the newspaper. While hewing to the traditional precepts of fairness and objectivity, MS believes the news of the day need not be staid, overly long or dry. Stories are succinct, readable and written in a lively style that has become a hallmark of the newspaper.

Download – Today’s Paper

Search

No Result
View All Result

6th Floor Universal Re Bldg., 106 Paseo De Roxas cor. Perea Street, Legaspi Village, 1226 Makati City Philippines

Trunklines: 832-5554, 832-5556, 832-5558

© 2021 Manila Standard - Designed and Developed by Neitiviti Studios.

No Result
View All Result
  • About
  • News
    • Top Stories
    • National
    • World News
    • Pinoy Abroad
    • Features
  • Opinion
    • Editorial
    • Columns
    • Soundbytes
  • LGUs
    • NCR
    • Luzon
    • Visayas
    • Mindanao
  • Business
    • Corporate
    • Economy & Trade
    • Stocks
    • Money
    • Agri & Mining
    • Power & Tech
    • IT & Telecom
  • Sports
    • Basketball
    • Volleyball
    • Fightsports
    • Active
    • Sports Plus
    • One Championship
    • Columns
  • Entertainment
    • TV & Movies
    • Celebrity Profiles
    • Music & Concerts
    • Digital Media
    • Columns
  • Lifestyle
    • Food
    • Culture & Media
    • Fashion
    • Health and Home
    • Leisure
    • Shopping
    • Columns
  • Pop.Life
    • Newsmakers
    • Hangouts
    • A-Pop
    • Post Its
    • Performances
    • Malls & Bazaars
    • Hobbies & Collections
  • Technology
    • Gadgets
    • Computers
    • Business
    • Tech Plus
  • MS ON THE ROAD
    • Sedan
    • SUV
    • Truck
    • Bike
    • Accessories
    • Motoring Plus
    • Commuter’s Corner
  • Home & Design
    • Residential
    • Commercial
    • Construction
    • Interior
  • Spotlight
  • Gallery
    • Photos
    • Videos
  • Events
    • Seminars
    • Exhibits
    • Community
  • Biyahero
    • Travel Features
    • Travel Reels
    • Travel Logs
  • Pets
  • Advertise with Us

© 2021 Manila Standard - Designed and Developed by Neitiviti Studios.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Install Manila Standard Web App

Install App