Dennis Uy's empire continues growth in 2019
MANILA, Philippines — Davao-based businessman Dennis Uy expanded his growing empire in 2019, continuing his rapid rise that coincided with the ascent to power of his friend President Rodrigo Duterte.
Uy closed deal after deal this year as he acquired more businesses, paving the way for his debut on Forbes magazine’s 2019 Philippines Rich List where he took the 22nd spot.
Duterte donor Dennis Uy debuts on Forbes’ Philippines Richest List
Here’s a look at Uy’s 2019
Uy further expanded his oil business overseas after his oil firm Phoenix Petroleum Philippines Inc. acquired 75% of what was formerly called Origin LPG Vietnam LLC through PNX (Vietnam) Pte. Ltd. — Vietnam’s major liquefied petroleum gas company.
During this month, it was also reported that Philippine FamilyMart CVS Inc. — a subsidiary of Phoenix Petroleum — acquired the Circle K network in the Philippines. This would see the conversion of the former Circle K sites to FamilyMart stores in the coming months.
Uy’s Chelsea Logistics and Infrastructure Holdings Corp. made headway with its proposal to modernize the Sasa Port in Davao City after it bagged the original proponent status.
Chelsea Logistics’ unsolicited offer to develop, operate and manage the Davao International Airport was endorsed to the National Economic and Development Authority (NEDA)’s Investment Coordination Committee, after clearing a round of review from the Department of Transportation.
The Philippine Competition Commission approved the joint venture between the group composed of Uy’s Udenna Development Corp., Ulticon Builders Inc. and China Harbour Engineering Co. and the Pasay City government for a P62-billion land reclamation project covering 265 hectares within the city.
Uy-led Udenna Corporation took over the Philippine franchise of American fast-food burger giant Wendy’s.
The company also disclosed it acquired Chevron Philippines Ltd.’s 45% stake in the $4.5 billion Malampaya deep water-gas-to-power project.
Market experts raise concern over Udenna’s huge debt
— Ian Nicolas Cigaral with reports from The STAR and BusinessWorld