MANILA – The Philippine Competition Commission on Monday said it has cleared a key deal in Davao-based businessman Dennis Uy’s push to secure a majority stake in shipping company 2GO.

The PCC said it approved the buyout by Uy’s Udenna Corp of the entire outstanding capital stock of KGL Investment BV (KGLI-BV), a Dutch company that has a minority interest in KGLI-NM Holdings Inc (KGLI-NM).

KGLI-NM owns a majority stake in Negros Navigation, which in turns owns the 2Go Group.

The PCC voided the deal in February for failure to comply with reportorial requirements. Udenna and KGLI-BV were also fined P19.6 million.

But the PCC said the two firms have already paid the fine and complied with regulations.

“The parties then filed their notification on March 23 and entered the Phase 1 review on April 5. The firms also paid the fine on April 19 at the National Treasury as part of the compliance order,” the PCC said.

Uy’s Udenna is engaged in a variety of businesses including petroleum products, shipping and real estate.

Uy also recently acquired the Philippine operations of Japanese convenience store chain FamilyMart and hospitality school Enderun.

Source: https://news.abs-cbn.com/business/05/07/18/antitrust-body-oks-key-deal-in-dennis-uys-bid-to-takeover-2go

Author: ABS-CBN News

Published Date: May 7, 2018