Udenna Corporation

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Udenna Corporation
TypeHolding company
IndustryVarious
FoundedMarch 19, 2002; 19 years ago (2002-03-19)
FounderDennis Uy
Headquarters
Davao City
,
Philippines
Key people
Dennis Uy
(Chairman and CEO)
Raymundo Escalona (President)
Subsidiaries
Websitewww.udenna.ph

Udenna Corporation is a holdings company by the Udenna Group of Companies which is based in Davao City, Philippines founded by businessman Dennis Uy. Primarily involved in the petroleum and shipping industry in its initial years of existence, the company later diversified and became involved in other industries such as real estate and telecommunications.

History[]

The Udenna Corporation was incorporated on March 19, 2002.[1] It was founded by Davao City businessman Dennis Uy who decided to establish the company after quitting his family businesses in Mindanao. The name "Udenna" was derived from Uy's full name, Dennis Ang Uy. 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 as Phoenix Petroleum in 2005 and went on retailing petroleum products. Phoenix Petroleum went public in 2007.[2]

To supplement Udenna's petroleum business, Chelsea Shipping Corporation was established in 2006 marking the corporation's entry in 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 the Mactan–Cebu International Airport. It also entered the liquefied petroleum gas (LPG) industry and acquired Enderun Colleges.[2]

In November 2017, Udenna took over the development of the former Global Gateway Logistics City at the Clark Freeport Zone in Pampanga which was later relaunched as Clark Global City.[3]

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 major telecommunications provider in the Philippines challenging the duopoly of PLDT and Globe Telecom.

Also in late 2018, Udenna Corporation began the process of acquiring Philippine Stock Exchange-listed ISM Communications Corporation with the intention of backdoor listing Udenna in the stock exchange. Upon the completion of the process Udenna Corporation will become a wholly owned subsidiary of ISM but ISM's shares will be effectively owned by Dennis Uy and his wife and ISM will be renamed Udenna Holdings Corporation.[4] However, the planned backdoor listing was aborted and in March 2020, ISM changed its corporate name to Dito CME Holdings Corporation.[5]

In November 2020, Dito CME Holdings Corporation announced its share swap deal with Udenna to indirect owning its stake in Dito Telecommunity. As part of a deal, Dito CME will own 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 became as a parent company of Dito CME.[6]

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.[7] 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 west Philippine Sea. Forum Energy Ltd. has an ongoing talks with China for joint oil exploration after President Duterte a close friend of Dennis Uy lift the moratorium on oil exploration.[8]

Subsidiaries[]

Oil, gas and retail
Logistics
  • Chelsea Logistics & Infrastracture Holdings Corp. - also a holdings company itself deals with Udenna's business in the shipping and logistics industry.[1]
Real estate

Udenna Corporation also manages the Clark Global City through its subsidiary

  • Clark City Global Corporation - which in turns hold the majority of Global Gateway Development Corporation, the leaseholder of the development in the Clark Freeport Zone.[9][10][3]
Education
Telecommunications
Hospitality
  • PH Resort Group - PH Resorts Group is the holding entity for the gaming and hospitality business.
    • Donatela Hotel - Luxury Resort located in Panglao, Bohol. Sits on 7.5 hectares of prime 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 world renowned Steelman Partners. The five star hotel and casino is targeted to open in 2020.
    • The Base - Currently in the design and development phase, The Base is scheduled to open in 2022.

Located in a 4.4-hectare property in Clark Global City, Pampanga, The Base is set to be a premiere adventure-themed integrated resort.

Retail and food
  • Eight-8-Ate Holdings, Inc.
  • Conti's[13] - a bakeshop and restaurant chain. Udenna acquired 70% stake of 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.[14]

See also[]

References[]

  1. ^ a b "About Us". Udenna Corporation. Retrieved 28 November 2018.
  2. ^ a b Dela Paz, Chrisee (16 August 2017). "How to grow a business, according to Dennis Uy". Rappler. Retrieved 28 November 2018.
  3. ^ a b Miraflor, Madelaine (19 November 2017). "Duterte pal takes full control of $1-B Clark Global City". Manila Bulletin. Retrieved 27 November 2018.
  4. ^ 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.
  5. ^ "ISM changes name to DITO". BusinessWorld. 26 March 2020.
  6. ^ a b "DITO CME Approves UDENNA CME Share Swap". Udenna Group. November 9, 2020. Retrieved June 26, 2021.
  7. ^ "Dennis Uy buys 100 million shares in Roberto Ongpin-led mining firm". Rappler.
  8. ^ "Atok-Bid Wedge keeps Forum stake". BusinessWorld. April 16, 2020.
  9. ^ Rivas, Ralf (29 May 2018). "Dennis Uy to bring BGC to Pampanga". Rappler. Retrieved 27 November 2018.
  10. ^ "Dennis Uy's company to buy firm developing Clark's Global Gateway Logistic City". Retrieved 27 November 2018.
  11. ^ dela Paz, Chrisee (July 5, 2017). "Dennis Uy's Udenna Corporation buys Enderun Colleges". Rappler. Archived from the original on 6 October 2020.
  12. ^ Rivas, Ralf (12 November 2019). "Dennis Uy buys Wendy's Philippines". Rappler. Retrieved 6 October 2020.
  13. ^ Rivas, Ralf (10 September 2018). "Dennis Uy takes a slice of Conti's resto". Rappler. Retrieved 6 October 2020.
  14. ^ Lagare, Jordeene B. (2021-10-20). "Case filed over Malampaya stake sale to Udenna". The Manila Times. Retrieved 2021-10-25.
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