2Go Group Inc. said Monday it appointed a new president after the entry of new investors.
The board of 2Go Group appointed Dennis Uy as its new president and chief executive officer following the decision of Sulficio Tagud Jr. to retire both from the management and the board.
Uy is chairman of Udenna Corp., the parent of Phoenix Petroleum Philippines Inc., and Chelsea Logistics Corp., which own about 40 percent of the voting stock and 80 percent beneficial interest in KGLI-NM.
KGLI-NM, meanwhile, has about 60 percent of the voting stock anda 40 percent beneficial interest in Negros Navigation Company. Nenaco, in turn, owns about 88 percent of 2Go Group, Inc.
As a result, Udenna Investments indirectly has about 21 percent voting and 28 percent beneficial interests in 2Go.
“We are committed to bring 2GO to new heights,” Uy said.
“We thank Mr. Tagud for his contributions in making 2GO resilient and more stable than ever. We hope to continue guiding it to further growth and sustainability,” he added.
Uy reiterated the management’s commitment to remain focused on providing the best transport solutions in the Philippines.
Udenna has entered the logistics sector as early as 2006 through Chelsea Shipping Corp. mainly to support the operations of Phoenix Petroleum. Chelsea Shipping has since grown into the country’s third-largest in terms of gross tonnage in 2016.
Udenna is poised to further expand its footprint in the logistics sector with the planned consolidation of its stake in 2GO with its other shipping businesses under Chelsea Logistics.
“Aside from creating synergies among 2GO, our existing shipping operations and other businesses in other sectors, we look forward to expanding Chelsea Logistics to become the prime mover of goods and passengers in the Philippines,” Uy said.
Uy cited bright prospects for the logistics sector in the Philippines, as the government works on sustaining and even accelerating the economy’s growth.
“The government’s infrastructure push, in particular, will allow the logistics sector better serve Filipinos across the archipelago and, at the same time, meet the growing demand for such services,” Uy said.