Exclusive-Tycoon close to outgoing Philippines president considering sales of big assets – sources
2022.05.12 16:27
FILE PHOTO: Philippine President Rodrigo Duterte speaks at Villamor Air Base in Pasay, Metro Manila, Philippines, February 28, 2021. REUTERS/Eloisa Lopez//
MANILA (Reuters) – A tycoon and close associate of outgoing Philippines President Rodrigo Duterte is considering selling businesses collectively worth several billion dollars, including a South China Sea gas field and a commercial land lease firm at the site of a former U.S. military base, two sources familiar with the matter said on Thursday.
Dennis Uy, chairman of conglomerates Udenna Corp and listed Chelsea Logistics, has seen rapid growth and diversification of his business empire during the presidency of Duterte, who leaves office next month.
The assets he is considering selling are the Malampaya gas field and Clark Global City, the sources told Reuters, declining to be identified because they were not authorised to speak to media.
They said buyers had been looking at prospects for some of Uy’s other businesses, including oil retailer Phoenix Petroleum and his new telecom firm DITO, plus schools and food businesses he operates.
Representatives of Uy did not immediately respond to requests for comment.
