Udenna Development Corp., the property unit of businessman Dennis Uy, completed the acquisition of a 62-percent stake in listed Philippine H2O.
Philippine H2O said in a disclosure to the stock exchange majority shareholder Jolliville Holdings Corp. and its affiliates signed a share purchase agreement for the sale of their combined 62.006-percent stake in H2O to Udevco for P327.7 million.
Udevco will then launch a mandatory tender offer to acquire the remaining shares held by the public as required under the Securities Regulation Code.
The acquisition of Philippine H2O could pave the way for possible backdoor listing of one of Uy’s unlisted businesses. Uy’s assets under Udevco include a $300-million casino project in Cebu called Lapu-Lapu Leisure Mactan and a hotels business in joint venture with Robinsons Land Corp.
Uy currently has three firms listed at the Philippine Stock Exchange, including Phoenix Petroleum Philippines Inc., 2GO Group Inc. and Chelsea Logistics Holdings Corp.