Share price of Atok Big Wedge Inc., a listed company owned by businessman Roberto Ongpin, surged 23.8 percent on Tuesday after the company reported that businessman Dennis Uy acquired P200 million worth of shares in the company.
Stock price of Atok hit a high of P17, before closing at P14.98 from the previous day’s close of P12.10. The company reported that North Kitanglad Agricultural Company Inc. sold 100 million Atok common shares to Dennis Uy-led Udenna Corp. at a negotiated price of P2 per share for a total of P200 million.
The deal was done through a special block sale executed on July 12. Uy is currently a director and vice chairman of Atok.
Atok in 2010 reverted to its original purpose of engaging in exploration and development of mining, oil, gas and other natural resources.
The company currently has two wholly-owned subsidiaries namely, AB Stock Transfers Corp. with the purpose of establishing, operating and acting as a transfer agent or registrar of corporations; and Tidemark Holdings Limited, a Hong Kong-based company that holds 27.14 percent of gas and oil exploration and production company Forum Energy plc.
This is not the first time that Uy acquired shares in Ongpin-owned listed company.
Uy currently is in the process of acquiring ISM Communications Corp. for the planned backdoor listing of Udenna.
ISM shareholders during a recent stockholders’ meeting approved a change in the corporate name to Udenna Holdings Corp. and an increase in the authorised capital stock to P75 billion from P2.8 billion.
ISM plans to issue 24.05 billion shares to stockholders of Udenna at price of P3 per share. In exchange, ISM will obtain 2 billion Udenna shares, representing 100 percent of the outstanding capital stock of the Udenna.
Udenna is holding company of Uy that has investments in the distribution and retail of petroleum products and lubricants under the Phoenix brand. It is also engaged in shipping and logistics.
The continued expansion of the group in the recent years has allowed Udenna to grow exponentially and diversify its business portfolio, which now includes real estate and property development, education, leisure, gaming and tourism and infrastructure.