UDENNA Corp., effective parent and majority stockholder of Phoenix Petroleum Philippines Inc. (PNX), said over the weekend that it has completed its acquisition of a substantial stake in 2Go Group, a leading integrated transport solutions provider in the country.
Udenna made the acquisition through a company that indirectly holds a significant stake in domestic shipping line Negros Navigation Co., Inc. (NNC), which in turn is a major shareholder of the 2Go Group.
“2Go’s growth has been constant over the last couple of years, making it an attractive long-term venture for us,” said Dennis A. Uy, who owns and controls Udenna.
“We believe that the acquisition is in line with Udenna’s goal of investing in related and/or allied businesses where we can contribute to further enhance its value and consequently promote our Company’s expansion,” Uy said in a statement.
Udenna Corporation is a diversified holding company with business interests in the distribution and retailing of petroleum products, commercial shipping, ship management, logistics, financial services, environmental services and property development.
It owns majority shares in publicly-listed PNX, one of the most aggressive independent oil companies in the country which is engaged in the business of trading refined petroleum products and lubricants, operation of oil depots and storage facilities, shipping/logistics and allied services.
The company is also involved in integrated logistic services, which include hauling and into-plane services of Jet-A1 fuels to airports and airlines and refueling of aircraft in key cities.
It is also owns and operates Chelsea Shipping, which is engaged in point-to-point transfer of oil, fuel and other liquid cargo across the Philippines.