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Dennis Uy’s group sees return of investor’s confidence

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Photo by Scott Graham on Unsplash

Udenna Corporation, owned and controlled by Davao-based tycoon Dennis Uy, is banking on the return of investors’ confidence and openness to strategic partnerships to propel growth.

In a statement addressing a recent report on its supposed asset sales, Udenna Corporation president Raymundo Martin Escalona said the company remains “open to exploring different opportunities.”

“In its normal course of business, Udenna has always remained open to exploring different opportunities,” Escalona said.

“With the strong post-pandemic recovery of the Philippines, as evidenced by the better-than-expected GDP (gross domestic product) growth rate in the first quarter of this year, we have seen the return of investor confidence, and accordingly, there has been renewed interest in discussing several partnerships and strategic alliance opportunities with the Group,” he added.

A recent report by Reuters said Uy is considering selling billions worth of businesses — including the coveted Malampaya facility it acquired from industry giants Chevron and Shell.

Escalona neither confirmed nor denied the report but said that Udenna wants to maximize shareholder value and maintain only core assets “that provide maximum synergies with the other companies within the Udenna Group.”

Udenna Land unit Global Gateway Development Corporation has sold West Aeropark, a five-building development with a combined gross floor area of 142,000 square meters in Clark Global City Pampanga to Aeropark Development Philippines Inc. for an undisclosed amount.

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