Dennis Uy Expanding Into Entertainment, Media Businesses
MANILA, Philippines — Dennis Uy is looking to expand into the media and entertainment business.
The Davao-based businessman has formed Udenna Communications Media and Entertainment Holdings Corp. which will be folded into his listed company ISM Communications Inc.
“Udenna Communications Media and Entertainment Holdings Corp. is intended to be the parent entity that holds the Udenna Group’s shares in telecommunications, media and entertainment businesses,” ISM Communications said in a disclosure yesterday.
The company’s board of directors approved yesterday the acquisition of 100 percent of the issued and outstanding common shares of Udenna Communications.
ISM Communications’ board of directors also approved the change in the company’s name to Dito CME Holdings as well as the increase in its authorized capital stock to P40 billion from the current P2.8 billion.
If Uy’s investments in media and entertainment push through, it could be in partnership with other existing players and will be in close synergy with his telecommunications company which is a partnership with China Telecommunications Corp. (Chinatel).
Udenna and Chinatel formalized their investment agreement to develop the country’s third telecommunications service provider in a signing ceremony in Beijing last April.
The agreement was signed among Udenna, Chelsea Logistics Corp. and Chinatel.
ISM is a holding company, which Uy bought into last April. It currently owns 32 percent of Acentic GmbH (Acentic), a German provider of internet connectivity and inter-room entertainment solutions for the hospitality industry.
The company likewise owns a 37.1 percent stake in the Philippine Bank of Communications.
Uy earlier acquired a 45.13 percent of ISM, making him the single biggest shareholder of the company. The acquisition was made through Dennison Holdings Corp., a company beneficially owned and controlled by Uy.
Udenna, Uy’s holding company is a diversified group with six business segments. These are petroleum product distribution through the Phoenix brand and convenience store and related businesses through Phoenix Petroleum; shipping, tankering and logistics through Chelsea Logistics; property development and leasing through Udenna Development; educational institutions and restaurant operations through Enderun; infrastructure through Udenna Infrastructure; and, tourism and gaming through PH-Resorts.
He also acquired the 45 percent stake of Chevron in the Malampaya deep water gas to power project.
Iris Gonzales (12 December 2019). Dennis Uy expanding into entertainment, media businesses Retrieved from https://www.philstar.com/business/2019/12/11/1976114/dennis-uy-expanding-entertainment-media-businesses