Uy mulls listing other companies

MANILA, Philippines — Dennis Uy, the Davao-based tycoon with interests in shipping, logistics and petroleum among other businesses, said he might list his other companies in the future, depending on market opportunities.

 “We plan to do more listings,” Uy said in a briefing with reporters Tuesday night.

 He said this would all depend on market opportunities and if there is a need for it.

 “Maybe we will do more deals and acquisitions and even on the sell side,” Uy said.

 In July, he successfully listed Chelsea Logistics Holdings Corp. (CLC) on the Philippine Stock Exchange, raising P5.84 billion which the company is using for expansion through the acquisition of more companies and new vessels.

Uy’s first company to list was Phoenix Petroleum, an independent oil company, which  he listed in 2007 to raise capital. This year marked the 10th anniversary of Phoenix’s listing with no less than President Duterte gracing the celebration.

He didn’t say which companies he may list but his holding company Udenna Corp. is still not listed on the stock exchange.

Udenna has been acquiring companies left and right. It acquired Enderun Colleges, and Family Mart.

It is also developing a new central business district within the Clark Freeport Zone following its acquisition of a 177-hectare prime property in the area.

Udenna envisions the master-planned development as a modern and sustainable business and transportation hub, which will leverage on the area’s proximity to the Clark International Airport and to the Subic Freeport Zone.

Uy said he has been able to grow his different businesses because of the strong growth of the economy.

 “We were able to grow by leaps and bounds although along the way there were challenges. We’ve grown because there is confidence in the business sector and in the economy. We’re confident about the economy,” he said.

Udenna Corp. was incorporated in the Philippines on March 19, 2002. As a group, it is comprised of a dynamic group of companies engaged in diverse businesses including, among others, petroleum and oil, shipping and logistics, real estate and property development (Udevco), education, and convenience stores.