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Dennis Uy seen continuing buying spree

Sources from Dennis Uy’s camp said his casino venture in Cebu may expand, and that he is also looking for new acquisitions in sectors where he is not yet present. These sectors may be automotive, telecommunications or infrastructure, sources said. File

MANILA, Philippines — Davao-based businessman Dennis Uy is expected to continue his buying spree next year, with more acquisitions as part of his aggressive move to grow his conglomerate.

Sources from Uy’s camp said his casino venture in Cebu may expand, and that he is also looking for new acquisitions in sectors where he is not yet present. These sectors may be automotive, telecommunications or infrastructure, sources said.

There are many businesses approaching him and some sectors also want him to join possibly in bidding for airport developments around the country, sources said.

However, nothing has been formally announced yet.

His latest acquisition was listed H20 Ventures, a water company which is likely to pave the way for the backdoor listing of his planned grand casino in Cebu. 

Uy, through his Udenna Development Corp., signed a memorandum of agreement to acquire the shares of listed holding company Jolliville Holdings Corp., its subsidiaries and related parties, in H20 Ventures. 

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H2O is an investment holding company which is engaged in the operation, maintenance, and distribution of water supply system through its subsidiary, Calapan Waterworks Corp. (CWWC). Its shares are listed in the Philippine Stock Exchange.

Uy’s Udenna, through its wholly owned subsidiary Udenna Development Corp., is set to build a $341 million casino on a 12.5-hectare prime beachfront property in Mactan Island in Lapu-Lapu City. 

Lapu-Lapu Leisure Mactan will have iconic modern buildings and infinity pools. It will have a skydiving center on a pier; a retail complex; a convention center; luxury hotels and villas; specialty dining options; private residences; and condominium-hotels. 

Uy is tightlipped on future acquisitions, but has said he might list his other companies in the future, depending on market opportunities. 

He said this would all depend on the need to raise funds. 

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. The year 2017 also marked the 10th anniversary of Phoenix’s listing, with no less than President Duterte gracing the celebration held at the Philippine Stock Exchange trading floor in Makati.

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 (Phoenix Petroleum), shipping and logistics (Chelsea Logistics and 2Go), real estate and property development (Udevco), education (Enderun), and convenience stores (Family Mart). Phoenix Petroleum and Chelsea Logistics are publicly listed in the Philippine Stock Exchange.

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