Dennis Uy considering sales of big assets —sources

May 13, 2022 - 9:51 AM
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This file photo shows Udenna Corp. CEO Dennis Uy. (Udenna / Released)

 A tycoon and close associate of outgoing Philippines President Rodrigo Duterte is considering selling businesses collectively worth several billion dollars, including a South China Sea gas field and a commercial land lease firm at the site of a former U.S. military base, two sources familiar with the matter said on Thursday.

Dennis Uy, chairman of conglomerates Udenna Corp and listed Chelsea Logistics C.PS, has seen rapid growth and diversification of his business empire during the presidency of Duterte, who leaves office next month.

The assets he is considering selling are the Malampaya gas field and Clark Global City, the sources told Reuters, declining to be identified because they were not authorized to speak to media.

They said buyers had been looking at prospects for some of Uy’s other businesses, including oil retailer Phoenix Petroleum PNX.PS and his new telecom firm DITO DITO.PS, plus schools and food businesses he operates.

Representatives of Uy did not immediately respond to requests for comment.

—Reporting by Neil Jerome Morales Editing by Martin Petty and Mark Potter