Udenna Corporation

Udenna Corporation
Company typeHolding company
IndustryVarious
FoundedMarch 19, 2002; 22 years ago (2002-03-19)
FounderDennis Uy
Headquarters
Davao City
,
Philippines
Key people
Dennis Uy
(Chairman and CEO)
Raymundo Martin “Marty” M. Escalona
(President)
Cherylyn C. Uy
(Treasurer)
Subsidiaries
Websitewww.udenna.ph

Udenna Corporation operates as a holding company. The Company distributes and retails petroleum products and lubricants, engages in shipping and logistics services, operates in property development, education, food, gaming, tourism, infrastructure and telecommunications sectors in Philippines.[1] and become the top business leaders in Davao City.[2]

History

The Udenna Corporation was incorporated on March 19, 2002.[3] It was founded by Davao City businessman Dennis Uy who decided to establish the company after quitting his family businesses in Mindanao. "Udenna" was derived from Uy's full name, Uy Dennis Ang. Phoenix Petroleum was organized as the first unit of Udenna. It was first involved in managing oil terminals as the Davao Oil Terminal and Services Corporation in the early 2000s but was later renamed Phoenix Petroleum in 2005 and went on retailing petroleum products. Phoenix Petroleum went public in 2007.[4]

To supplement Udenna's petroleum business, Chelsea Shipping Corporation was established in 2006, marking the corporation's entry into the shipping and logistics industry. Within the first year of the administration of President Rodrigo Duterte in 2016–2017, Udenna Corporation had various acquisitions. Udenna secured permission from the Philippine Amusement and Gaming Corporation to develop a casino resort near Mactan–Cebu International Airport. It also entered the liquefied petroleum gas (LPG) industry and acquired Enderun Colleges.[4]

In November 2017, Udenna took over the development of the former Global Gateway Logistics City at the Clark Freeport Zone in Pampanga, later relaunched as Clark Global City.[5]

Mislatel (now known as Dito Telecommunity), a consortium by Udenna and China Telecom, won the government-sanctioned bidding that would allow the consortium to become the third primary telecommunications provider in the Philippines challenging the duopoly of PLDT and Globe Telecom.

Also, in late 2018, Udenna Corporation began acquiring Philippine Stock Exchange-listed ISM Communications Corporation with the intention of backdoor listing Udenna on the stock exchange. Upon the completion of the process, Udenna Corporation will become a wholly owned subsidiary of ISM, but Dennis Uy and his wife will effectively own ISM's shares and ISM will be renamed Udenna Holdings Corporation.[6] However, the planned backdoor listing was aborted and in March 2020, ISM changed its corporate name to Dito CME Holdings Corporation.[7]

In November 2020, Dito CME Holdings Corporation announced its share swap deal with Udenna to indirectly own its stake in Dito Telecommunity. As part of a deal, Dito CME will hold a 100% stake in Udenna's subsidiary, Udenna CME Holdings Corporation, which co-owns one of Dito's parent companies, Dito Holdings Corporation (along with Chelsea Logistics). The deal made Udenna Corporation become as a parent company of Dito CME.[8]

Dennis Uy's Udenna Corporation bought 100 million common shares of Atok-Big Wedge Co. Inc. at the negotiated price of P2.00 per share or a total of P200,000,000. Dennis Uy is also a director and vice chairman of Atok-Big Wedge. He has an existing 1,000 direct shares in the company.[9] Atok-Big Wedge Co, Inc. a listed corporation in PSE, has 20% ownership of United Kingdom-based Forum Energy Ltd. which has the right of oil exploration in SC72 in the South China Sea. Forum Energy Ltd. has ongoing talks with China for joint oil exploration after President Duterte, a close friend of Dennis Uy, lift the moratorium on oil exploration.[10]

Subsidiaries

Oil, gas, and retail
Logistics
  • Chelsea Logistics & Infrastructure Holdings Corp., a holdings company, deals with Udenna's business in the shipping and logistics industry.[3]
Real estate

Udenna Corporation also manages the Clark Global City through its subsidiary.

  • Clark City Global Corporation - which holds the majority of Global Gateway Development Corporation, the leaseholder of the development in the Clark Freeport Zone.[11][12][5]
Education
Clark Global City
Telecommunications
Hospitality
  • PH Resort Group - PH Resorts Group is a gaming and hospitality business holding entity.
    • Donatela Hotel - Luxury Resort located in Panglao, Bohol. Sits on 7.5 hectares (19 acres) of property. Acquired in November 2017, the resort features twelve private & luxurious villas.
    • Emerald Bay Resort and Casino - Located in Mactan, Cebu.
    • Emerald Bay Resort and Casino - was designed by Steelman Partners. The five-star hotel and casino was targeted to open in 2020.
    • The Base - the Base was scheduled to open in 2022. Located in a 4.4-hectare (11-acre) property in Clark Global City, Pampanga, it is set to be an adventure-themed integrated resort.
Retail and food
  • Eight-8-Ate Holdings, Inc.
  • Conti's[15] - bakeshop and restaurant chain. Udenna acquired a 70% stake in Conti's Holdings Corporation in 2018.
  • L3 Concrete

Controversies

The acquiring of the Malampaya stake to Udenna has been under scrutiny by some senators and concerned citizens.[16]

See also


References

  1. ^ "Udenna Corp - Company Profile and News". Bloomberg.com. Retrieved 2023-11-08.
  2. ^ "Top 10 Business Leaders In Davao City 2024 — Davao Corporate". 2024-07-25. Retrieved 2024-08-15.
  3. ^ a b "About Us". Udenna Corporation. Retrieved 28 November 2018.
  4. ^ a b Dela Paz, Chrisee (16 August 2017). "How to grow a business, according to Dennis Uy". Rappler. Retrieved 28 November 2018.
  5. ^ a b Miraflor, Madelaine (19 November 2017). "Duterte pal takes full control of $1-B Clark Global City". Manila Bulletin. Retrieved 27 November 2018.
  6. ^ Ong, Henry (30 October 2018). "Financial Adviser: 5 Things You Should Know About Dennis Uy's Acquisition of ISM Corp and How You Can Profit From It". Entrepreneur Philippines. Retrieved 28 November 2018.
  7. ^ "ISM changes name to DITO". BusinessWorld. 26 March 2020.
  8. ^ a b "DITO CME Approves UDENNA CME Share Swap". Udenna Group. November 9, 2020. Retrieved June 26, 2021.
  9. ^ "Dennis Uy buys 100 million shares in Roberto Ongpin-led mining firm". Rappler.
  10. ^ "Atok-Bid Wedge keeps Forum stake". BusinessWorld. April 16, 2020.
  11. ^ Rivas, Ralf (29 May 2018). "Dennis Uy to bring BGC to Pampanga". Rappler. Retrieved 27 November 2018.
  12. ^ "Dennis Uy's company to buy firm developing Clark's Global Gateway Logistic City". Retrieved 27 November 2018.
  13. ^ dela Paz, Chrisee (July 5, 2017). "Dennis Uy's Udenna Corporation buys Enderun Colleges". Rappler. Archived from the original on 6 October 2020.
  14. ^ Rivas, Ralf (12 November 2019). "Dennis Uy buys Wendy's Philippines". Rappler. Retrieved 6 October 2020.
  15. ^ Rivas, Ralf (10 September 2018). "Dennis Uy takes a slice of Conti's resto". Rappler. Retrieved 6 October 2020.
  16. ^ Lagare, Jordeene B. (2021-10-20). "Case filed over Malampaya stake sale to Udenna". The Manila Times. Retrieved 2021-10-25.