DAVAO businessman Dennis Uy said he plans to list more of his companies at the Philippine Stock Exchange (PSE), partly to raise capital and to gain recognition in the business community.
Uy, chairman of Udenna Corp., said there are “natural good-governance efforts” as a listed company.
“Because if you are a sole entrepreneur, or sole owner of the corporation, if you have different mind shift in your passion, then the business will suffer,” Uy said. “I’m an entrepreneur—my life is not my business, and my business is not my life. So I see to it that you have to look at the other side.”
Uy controls a majority of Phoenix Petroleum Philippines Inc., which recently celebrated its 10 years of being listed at the PSE.
Chelsea Logistics Holdings Corp., which controls publicly listed 2Go Group Inc., also completed its initial public offering earlier this year.
The businessman has been on a buying spree in the last two years and appears to have deep pockets. He acquired 2Go Group Inc. and various shipping companies, as well as Enderun Colleges, and the local FamilyMart convenience-store franchise. Uy also bought the firm developing the $1-billion Clark logistics hub.
Uy controls Enderun through Udenna Corp., FamilyMart through Phoenix, while affiliate Clark Global City Corp. owns GGDC Holdings, the majority shareholder of Global Gateway Development Corp. The latter owns the leasehold rights to the land where Clark’s Global Gateway Logistics City is located.
The businessman will also develop a $341-million integrated resort and casino in Lapu-Lapu City in Cebu through real-estate subsidiary, Udenna Development Corp.