Udenna Corp. of Davao-based businessman Dennis Uy declared that it was “open to exploring different opportunities.”
Udenna president Raymundo Martin M. Escalona issued the statement to explain its owner’s frantic bid to divest his debt-laced assets before his patron, President Rodrigo Duterte, gives way to presumptive president Bongbong Marcos in less than two months.
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Escalona said: “In its normal course of business, Udenna has always remained open to exploring different opportunities. With strong post-pandemic recovery of the Philippines as evidenced by the better than expected GDP (gross domestic product) 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.”
“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 added.
Udenna issued the statement after ultra bilyonaryo Ricky Razon announced on May 11 that his Bloomberry Resorts, which operates Solaire Resort and Casino, has signed a term sheet to buy UY’s debt-burdened PH Resorts’ casino projects in Cebu and Clark City.
On May 12, Reuters, citing two unnamed sources, reported that Uy was “considering selling businesses” with a combined worth over $2 billion, specifically his property project in Clark Global City and 90 percent stake in Malampaya gas field he bought from Chevron and Shell.
Reuters claimed Razon was among the “preferred bidders” for Malampaya and the Clark City project.
On May 13, CarVal Investors, an American investment scouring the globe for distressed companies, announced that it had bought out Udenna’s stake in West Aeropark, a five-tower project in Clark Global City, Pampanga.
Bilyonaryo sources said Uy, who divested his stake in shipping and logistics firm 2GO to the Sy family in 2021, has also put on the block his Udenna Tower in Bonifacio Global City, his 60 percent stake in DITO Telecommunity, and assets of his Phoenix Petroleum.