The Udenna Group welcomed another partner in pushing Phoenix Petroleum Philippines, Inc. to further growth, as it intensifies its play in the property sector.
ES Consultancy Group, Inc. acquired 25% of the outstanding capital stock of Phoenix Petroleum from Udenna Corp. (UC) and Udenna Management & Resources Corp. (UMRC) for P4 billion through a special block sale in the equities market.
Proceeds from the sale will give UC additional equity capital, thereby strengthening its balance sheet to support other businesses. In particular, it will finance the property developments that Udenna Development (UDEVCO) Corp. will undertake in the future.
The additional capital will provide part of the required funds for the development of Lapu-Lapu Leisure Mactan, a $300-million integrated resort and casino planned on a 12-hectare prime beachfront in the province of Cebu.
“Our investments in UDEVCO are anchored on our shared vision for the Philippines to become a premier destination for business and tourism,” Udenna Founder and Chairman Dennis A. Uy said.
“We hope to support the country’s manufacturing and tourism sectors, among others, through our property developments. We believe these will ultimately translate to employment and better living for the Filipino people.”
The Udenna Group maintains control over Phoenix Petroleum, a company whose listing on the Philippine Stock Exchange in 2007 helped accelerate its growth outside Mindanao.
“We welcome another partner in steering Phoenix Petroleum to a higher path. Having more partners on board ushers in new ideas, a wider perspective and greater discipline to the country’s biggest and fastest-growing independent oil company,” Mr. Uy said.
A partnership with ESGI – a firm focused on financial strategy, capital mergers and acquisitions as well as joint ventures – helps ensure the Udenna Group’s continued expansion not only in the domestic market but also in the Association of Southeast Asian Nations.