Dennis Uy's Udenna says partnerships 'normal' amid report of potential asset sale

MANILA - Udenna Corp run by Davao-based businessman Dennis Uy on Friday said partnerships have always been part of its philosophy amid reports that the firm is eyeing the sale of big assets.

Uy is a known ally of President Rodrigo Duterte and has grown his empire through acquisitions in the last 6 years. Uy was a top contributor to Duterte's 2016 campaign, who is bound to step down in June.

But a Reuters report said Uy's firm is contemplating selling billions in assets including its stake at the Malampaya gas field, which the group bought from Chevron and Shell, as well as the Clark Global City.

"In its normal course of business, UDENNA has always remained open to exploring different opportunities," Udenna Corp president Raymundo Escalona said in a statement.

"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," he added.

• Petrol, cakes and telecoms: Dennis Uy's business expansion continues

• Philippines' new tycoon rises from Duterte's Davao

Just recently, Uy's gaming and leisure arm PH Resorts Group Holdings disclosed that it has signed a deal with Enrique Razon's Bloomberry Resorts for the latter's potential investment in Uy's Cebu and Pampanga development.

Aside from its Malampaya stake, the country's third telco DITO Telecommunity is operated by Uy with China Telecom.

• Udenna maintains legality of Malampaya deal
• Razon's Bloomberry to invest in Dennis Uy's PH Resorts group projects

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