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Home Business

Udenna confirms partnership talks on sale of assets

Alena Mae S. FloresbyAlena Mae S. Flores
May 13, 2022, 8:45 pm
in Business, Corporate
Reading Time: 2 mins read
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Udenna Corp., controlled by businessman Dennis Uy, confirmed on Friday possible partnerships for its assets amid strong investor interest as the country returns to post-pandemic recovery.

Udenna president Martin Escalona said the company remained open to exploring different opportunities in its normal course of business.

“With the strong post-pandemic recovery of the Philippines as evidenced by the better-than-expected GDP 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,” Escalona said.

He issued the statement in reaction to the report of Reuters that Uy was considering the sale of his business endeavors, including the stake in the Malampaya deep water to gas project.

Udenna’s UC38 LLC business is a 45-percent stakeholder in the Malampaya project, which supplies five power plants in Luzon with a combined capacity of 3,200 megawatts.

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Udenna wanted to acquire the 45-percent stake of the Shell Group in the Malampaya gas project, but it failed to get the consent of joint venture partner PNOC Exploration Corp., which represents the government’s interest in the project.

“The group’s investment philosophy has always been and remains to be to maximize shareholder value through strong partnerships with strategic investors and maintain core assets that provide maximum synergies with the other companies within the Udenna Group,” Escalona said.

Escalona did not provide additional details when asked about specific assets and the timeline of the possible partnerships.

Aeropark Development Philippines Inc., a special purpose entity owned by funds managed by CarVal Investors, said it invested in West Aeropark, a five-building development with a combined gross floor area of 142,000 square meters previously owned by Udenna Land’s Global Gateway Development Corp. in Clark Global City, Pampanga for an undisclosed amount.

ADPI is the local special purpose entity owned by funds managed by CarVal Investors, an established global alternative investment manager focused on distressed and credit-intensive assets.

CarVal/ADPI is the largest and controlling investor in the West Aeropark transaction. This transaction is a collaborative effort between CarVal/ADPI and SofCap Partners, a growth equity investment firm based in the Philippines. SofCap will manage the West Aeropark assets.

CarVal/ADPI and SofCap said they worked closely with Udenna’s GGDC and bank lenders to consummate the transaction. Proceeds from the transaction will ultimately support Udenna’s ongoing liabilities management exercise.

Udenna’s other businesses include Phoenix Petroleum Philippines Inc., which represents the petroleum group of Udenna, Chelsea Logistics and Infrastructure Holdings Corp., Enderun Colleges, Conti’s Bakeshop & Restaurant, PH Resorts, Udenna’s hospitality, and gaming arm, Udenna Land and Udenna Infrastructure Corp.

Tags: Martin Escalonapartnership talkspost-pandemic recoveryUdenna Corp.
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Alena Mae S. Flores

Alena Mae S. Flores

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