Udenna Corporation

Udenna Corporation
TypePrivately-held Holding company
IndustryVarious
FoundedMarch 19, 2002 (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

The Udenna Corporation is a Philippines-based holding company involved in petrochemicals, logistics, property development, education, food, gaming, tourism, infrastructure and telecommunications.[1]

History

The Udenna Corporation was founded in 2002 by Davao City businessman Dennis Uy after quitting his family businesses.[2] "Udenna" was derived from Uy's full name, Uy Dennis Ang. Phoenix Petroleum (initially Davao Oil Terminal and Services Corporation) was Udenna's first unit, and managed oil terminals in the early 2000s. It was renamed Phoenix Petroleum in 2005, going on to retail petroleum products. Phoenix Petroleum went public in 2007.[3]

To supplement Udenna's petroleum business, Chelsea Shipping Corporation was established in 2006. Within the first year of President Rodrigo Duterte's administration, Udenna began acquiring companies. Udenna secured permission to develop a casino resort near Mactan–Cebu International Airport, entered the LPG industry, and acquired Enderun Colleges.[3]

In November 2017, Udenna took over development of the former Global Gateway Logistics City at the Clark Freeport Zone in Pampanga, later relaunched as Clark Global City.[4]

Mislatel (now Dito Telecommunity), a consortium by Udenna and China Telecom, won bidding to become the third primary telecommunications provider in the Philippines, joining PLDT and Globe Telecom.

In late 2018, Udenna began acquiring ISM Communications Corporation to get Udenna a backdoor listing on the stock exchange. Upon completion of the process, Udenna Corporation was to become a wholly owned subsidiary of ISM (renamed to Udenna Holdings Corporation) , with Dennis Uy and his wife owning ISM's shares.[5] However, the planned backdoor listing was aborted and in March 2020, ISM was renamed to Dito CME Holdings Corporation.[6]

In November 2020, Dito CME Holdings Corporation announced a 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 a parent company of Dito CME.[7]

Udenna Corporation bought 100 million common shares of Atok-Big Wedge Co. Inc. at a negotiated price of P200,000,000. Dennis Uy is also vice chairman of Atok-Big Wedge, with 1,000 direct shares in the company.[8] Atok-Big Wedge, a listed corporation in PSE, has 20% ownership of United Kingdom-based Forum Energy Ltd. which has oil exploration rights in SC72 in the South China Sea. Forum Energy has ongoing talks with China for joint oil exploration after President Duterte, a close friend of Dennis Uy, lift the moratorium on oil exploration.[9]

Subsidiaries

Oil, gas, and retail
Logistics
  • Chelsea Logistics & Infrastructure Holdings Corp., a holdings company, responsible for Udenna's shipping and logistics business.[2]
Real estate
  • Clark City Global Corporation - which holds the majority of Global Gateway Development Corporation, the leaseholder of the development in the Clark Freeport Zone.[10][11][4]
Education
Clark Global City
Telecommunications
Hospitality
  • PH Resort Group
    • Donatela Hotel - Resort in Panglao, Bohol.
    • Emerald Bay Resort and Casino - Located in Mactan, Cebu.
    • Emerald Bay Resort and Casino
    • The Base - Located in Clark Global City, Pampanga.
Retail and food

Controversies

The acquiring of the Malampaya stake to Udenna has been under scrutiny by some senators and concerned citizens.[15]

See also

  • Wikimedia Commons logo Media related to Udenna Corporation at Wikimedia Commons


References

  1. ↑ "Udenna Corp - Company Profile and News". Bloomberg.com. Retrieved 2023-11-08.
  2. 1 2 "About Us". Udenna Corporation. Retrieved 28 November 2018.
  3. 1 2 Dela Paz, Chrisee (16 August 2017). "How to grow a business, according to Dennis Uy". Rappler. Retrieved 28 November 2018.
  4. 1 2 Miraflor, Madelaine (19 November 2017). "Duterte pal takes full control of $1-B Clark Global City". Manila Bulletin. Archived from the original on 27 November 2018. Retrieved 27 November 2018.
  5. ↑ 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. Archived from the original on 28 November 2018. Retrieved 28 November 2018.
  6. ↑ "ISM changes name to DITO". BusinessWorld. 26 March 2020.
  7. 1 2 "DITO CME Approves UDENNA CME Share Swap". Udenna Group. November 9, 2020. Retrieved June 26, 2021.
  8. ↑ "Dennis Uy buys 100 million shares in Roberto Ongpin-led mining firm". Rappler. 16 July 2019.
  9. ↑ "Atok-Bid Wedge keeps Forum stake". BusinessWorld. April 16, 2020.
  10. ↑ Rivas, Ralf (29 May 2018). "Dennis Uy to bring BGC to Pampanga". Rappler. Retrieved 27 November 2018.
  11. ↑ "Dennis Uy's company to buy firm developing Clark's Global Gateway Logistic City". Retrieved 27 November 2018.
  12. ↑ dela Paz, Chrisee (July 5, 2017). "Dennis Uy's Udenna Corporation buys Enderun Colleges". Rappler. Archived from the original on 6 October 2020.
  13. ↑ Rivas, Ralf (12 November 2019). "Dennis Uy buys Wendy's Philippines". Rappler. Retrieved 6 October 2020.
  14. ↑ Rivas, Ralf (10 September 2018). "Dennis Uy takes a slice of Conti's resto". Rappler. Retrieved 6 October 2020.
  15. ↑ 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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