This article contains content that is written like an advertisement .(October 2021) |
Company type | Holding company |
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Industry | Various |
Founded | March 19, 2002 |
Founder | Dennis Uy |
Headquarters | , |
Key people | Dennis Uy (Chairman and CEO) Raymundo Martin “Marty” M. Escalona (President) Cherylyn C. Uy (Treasurer) |
Subsidiaries |
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Website | www |
Udenna Corporation operates as a holding company. The Company distributes and retails petroleum products and lubricants, engages in shipping and logistics services, operates in property development, education, food, gaming, tourism, infrastructure and telecommunications sectors in Philippines. [1]
The Udenna Corporation was incorporated on March 19, 2002. [2] It was founded by Davao City businessman Dennis Uy who decided to establish the company after quitting his family businesses in Mindanao. "Udenna" was derived from Uy's full name, Uy Dennis Ang. 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 Phoenix Petroleum in 2005 and went on retailing petroleum products. Phoenix Petroleum went public in 2007. [3]
To supplement Udenna's petroleum business, Chelsea Shipping Corporation was established in 2006, marking the corporation's entry into 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 Mactan–Cebu International Airport. It also entered the liquefied petroleum gas (LPG) industry and acquired Enderun Colleges. [3]
In November 2017, Udenna took over the development of the former Global Gateway Logistics City at the Clark Freeport Zone in Pampanga, later relaunched as Clark Global City. [4]
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 primary telecommunications provider in the Philippines challenging the duopoly of PLDT and Globe Telecom.
Also, in late 2018, Udenna Corporation began acquiring Philippine Stock Exchange-listed ISM Communications Corporation with the intention of backdoor listing Udenna on the stock exchange. Upon the completion of the process, Udenna Corporation will become a wholly owned subsidiary of ISM, but Dennis Uy and his wife will effectively own ISM's shares and ISM will be renamed Udenna Holdings Corporation. [5] However, the planned backdoor listing was aborted and in March 2020, ISM changed its corporate name to Dito CME Holdings Corporation. [6]
In November 2020, Dito CME Holdings Corporation announced its 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 as a parent company of Dito CME. [7]
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. [8] 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 South China Sea. Forum Energy Ltd. 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]
Udenna Corporation also manages the Clark Global City through its subsidiary.
The acquiring of the Malampaya stake to Udenna has been under scrutiny by some senators and concerned citizens. [15]
Telecommunications in the Philippines are well-developed due to the presence of modern infrastructure facilities. The industry was deregulated in 1995 when President Fidel Ramos signed Republic Act No. 7925. This law opened the sector to more private players and improved the provision of telecom services are better and fairer rates, leading to the creation of many telecommunication service providers for mobile, fixed-line, Internet and other services.
The Philippine Telegraph and Telephone Corporation (PT&T) is a telecommunications services provider in the Philippines since its establishment in 1962. The company caters to corporate, small/medium business, and residential segments across the country. PT&T's business is categorized into two major services: Connectivity and IT Services.
China Telecommunications Corporation, known as its trading name China Telecom, is a Chinese state-owned telecommunication company. It is the largest fixed-line service and the third largest mobile telecommunication provider in China. It has three listed companies: China Telecom Corporation Limited, China Communications Services Corporation Limited and Besttone Holding Co., Ltd..
The Philippine National Oil Company (PNOC) is an energy company created on November 9, 1973, as a government-owned and controlled corporation founded during President Ferdinand Marcos' era to supply oil to the Philippines. Since then, its charter has been amended several times to include exploration, exploitation and development of all energy resources in the country.
Lopez Holdings Corporation is a Filipino conglomerate founded by the brothers Eugenio Lopez, Sr. and Fernando Lopez, Sr. It has substantial holdings in the public service and utilities sector in the Philippines and serves as the Lopez family's publicly listed holding company for investments in major development sectors such as broadcasting and cable; telecommunications; power generation and distribution; manufacturing; and property development. It added to its portfolio investments in other basic service sectors but has also since sold its interest in banking, toll roads, information technology, and health care delivery.
JG Summit Holdings, Inc. (JGSHI) is one of the largest conglomerates in the Philippines with business interests in air transportation, banking, food manufacturing, hotels, petrochemicals, power generation, publishing, real estate and property development, and telecommunications. Key subsidiaries include Universal Robina and Cebu Pacific. Incorporated in November 1990, JG Summit Holdings was founded by John Gokongwei Jr., one of the wealthiest individuals in Southeast Asia. In 2010, JGSHI was one of the ten most profitable companies on the Philippine Stock Exchange.
The PSE All Shares Index is the stock index in the Philippine Stock Exchange (PSE) in which all of the stocks traded are included in computations of the level of the index. It should not be confused with the PSE Composite Index which is a weighted index of 30 of the top companies on the PSE.
Adel Abbas Tamano is a Filipino lawyer and educator. He is the current Chief Administrative Officer, Chief of Humans Resources, and Corporate Secretary of DITO Telecommunity Corporation. He gained prominence as the spokesperson for the United Opposition party in 2007 and was part of the senatorial lineup in 2010.
Metro Pacific Investments Corporation (MPIC) is a Philippine-based unit investment holding company of First Pacific Company Limited through Metro Pacific Holdings, Inc. MPIC through its subsidiaries, provides water, sanitation, and sewerage services and also operates in real estate, and infrastructure projects. It also invests in some hospitals in the Philippines.
Phoenix Petroleum Philippines, Inc. is the first independent oil company to be listed in the Philippine Stock Exchange after the Oil Deregulation Law was passed in 1998. It is the first company from Davao City to be listed in the Philippine Stock Exchange.
Sky Cable Corporation, doing business as Sky, is a Filipino telecommunications company based in Diliman, Quezon City. A subsidiary of the media conglomerate ABS-CBN Corporation, the company offers broadband, cable and satellite television services under the Sky Cable and Sky Direct brands. The company was founded on June 6, 1990 by Benpres Holdings Corporation as Central CATV, Inc.
Enderun Colleges is a private non-sectarian undergraduate college situated at the Bonifacio Global City in Taguig, Metro Manila, Philippines.
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Dennis Ang Uy is a Filipino businessman, government official, and diplomat. Uy is the founder of Udenna Corporation, which has stakes in various businesses including Phoenix Petroleum.
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