Dennis Uy is associated with 2 companies in Las Vegas, NV. When William Belo was a young man, he dreamed of owning a house for his family and building his own business. AC, MPIC, and SMPH tempered their investment activities in 2017. Fast food billionaire Tony Tan Caktiong suffered a pandemic-induced blow to his wealth this year. Rappler talked to 4 experts in finance and business and they all sounded the alarm: Uy’s balance sheet is not looking good. Dennis Uy, chairman and CEO of Philippines' Phoenix petroleum company, delivers his speech at the Philippine Stock Exchange in the financial district of Makati on July 11, 2017, on the company's tenth anniversary of its listing. Tamano added that Udenna's growth started two decades ago, starting off with Phoenix Petroleum and Chelsea Logistics. So recently the government paid P35Million to 2go group in which Dennis Uy is the chairman of it. The development is currently called Clark Global City, which aims to be the next central hub of Luzon in 10 years. Pangilinan has repeatedly urged government to pursue oil exploration in the West Philippine Sea. Learn more about Ground Transportation. ISM Communications Corp. is set to transform into the telecommunications and media arm of Davao-based businessman Dennis A. Uy, who last year teamed up with state-run China Telecom and won a … There are 3 individuals that go by the name of Dennis Uy in Nevada. Apart from Udenna, his fortune also comes from stakes held in public companies Phoenix Petroleum Philippines and Chelsea Logistics & Infrastructure. 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Phoenix is the main revenue generator for Uy’s holding company Udenna (a word play on his name: Dennis Ang Uy), but petroleum is just the tip of iceberg of this fast growing conglomerate. Its major lenders were BDO Unibank, Philippine National Bank, and Bank of China-Cayman branch. Dennis Ang Uy (born September 26, 1973 ) is a Chinese-Filipino businessman and diplomat who is a native of Davao City and is the founder of Udenna Corporation which has stakes in various businesses including Phoenix Petroleum. Cartika. Five long-time members of the country’s richest passed away since we last measured fortunes in August 2018, creating a new class of second-generation successors who secured a spot on this year’s list. Taking out all expenses, Udenna’s net profit stood at just P4.1 billion in 2017. But we're keeping an eye on the red flags because they might affect us too," he said. Udenna Corporation spokesperson Adel Tamano said that their debts are "manageable.". Big bank loans usually have a threshold of at most 2.30, while some allow up to 3.10. It helps that he's close with Duterte," the banker said. Mr. Uy’s holding firm, Udenna Corp., has a diverse range of businesses under its control, including oil retailing firm Phoenix Petroleum Holdings, Inc., Chelsea Logistics Holding Corp. (CLC), property company Udenna Development Corp., and Udenna Management and Resources Corp. Udenna's priciest transaction amounted to P34.1 billion to partially finance the acquisition of shares in Global Gateway Development Corporation, which holds the massive 177-hectare property in the Clark Freeport Zone. T ech startups looking to close their next round of funding might want to add Mislatel, the consortium of Udenna and China Telecom, is set to spend P257 billion for infrastructure in 5 years. An investment banker said that banks usually look at several indicators like the debt-to-equity ratio, which is computed by dividing the company's liabilities by its equities. Rappler asked one businessman with the deepest pockets in the country whether he is worried about Uy's rise. To further illustrate the immense growth in expenses and assets, Rappler compared Udenna's 2016 and 2017 figures with some of the country's biggest conglomerates. Recent SolarWinds hack could allow Russia to peer into U.S. intelligence briefings, former Trump security adviser has warned. The dizzying numbers will likely keep on astounding the business community in the coming years. He simply said, "yes and no. Only 46, Dennis Uy now joins the ranks of the country’s 50 richest, with an estimated net worth of $660 million. THE 5TH MEDIUM LIMITED (05869704) Company status Dennis Network of Companies. Dennis Uy Resigns as President of Dito CME For ‘Balance of Power’ Shares Share. © 2020 Forbes Media LLC. Four decades later, his company, Wilcon Depot, is at the center of a boom in Philippine home ownership and construction. Industry. Free company director check The Philippine government’s decision earlier this year to force the country’s top TV network ABS-CBN off the air hit the fortune of the network’s 90-year-old owner Oscar Lopez, but was a boon to the owners of its biggest rival GMA Network—Felipe Gozon, 80, and his brother-in-law Menardo Jimenez, 87. Past and present positions of Dennis John Page. © 2020 Forbes Media LLC. More from EsquireMag.ph. Uy is expected to further expand and strengthen his empire in 2019, particularly in the telecommunications space, after Udenna and its partner China Telecom was named the 3rd major telco player. In just a year, the company’s total assets soared by a whopping 204% from P44.1 billion in 2016 to P134.2 billion in 2017. Some listees are taking their companies public amid a market slump. Uy is a close friend of President Rodrigo Duterte, a former mayor of the city of Davao, where Udenna is headquartered. Close • Posted by 4 minutes ago. All Rights Reserved. PXP Energy intends to use the funds raised to fund oil exploration activities. Our clients can rely on quality technicians and exceptional reporting. Mislatel Consortium, which he formed in partnership with China Telecom, was named the third telecommunications player in Philippines in 2018. Uy was able to acquire companies through bank loans. "But if the loans go any further and the balance sheet keeps on tilting, banks may lose trust," the banker warned. Udenna Corporation is a holdings company by the Udenna Group of Companies which is based in Davao City, Philippines founded by businessman Dennis Uy.Primarily involved in the petroleum and shipping industry in its initial years of existence, the company later diversified and became involved in other industries such as real estate and telecommunications. All Rights Reserved. The Consunji siblings—Isidro, Jorge, Josefa, Luz, Maria Cristina and Maria Edwina—face a serious challenge. Davao-based businessman Dennis A. Uy is stepping down as the president of listed DITO CME Holdings Corp. in a bid to foster an independent decision-making in the company. Uy's holding firm Udenna Corp. has a diverse range of companies under its control, including Phoenix Petroleum Holdings, Inc., Chelsea Logistics Holding … Mr. Dennis A. Uy is a Chairman at 2GO Group, Inc., a Chairman at Chelsea Logistics Holdings Corp., an Independent Director at Apex Mining Co., Inc., a President, Chief Executive Officer & Director at Phoenix Petroleum Philippines, Inc., a Chairman at F2 Global Logistics, Inc., a Chairman at F2 Logistics Philippines, Inc., a Chairman at Mindanao Media Dynamics, Inc., a Chairman at Oilink Mindanao … Money. Dennis Uy, Chairman and Founder, Udenna Group of Companies; At present, we're going through a transformation to become a logistics centre for the whole American continent. "Uy and Udenna have a lot to prove and a lot of catching up to do, and the figures alone are telling that he may be spreading himself too thin," the source said. summit news. All 10 conference championship games are scheduled -- the key word this year -- for this weekend. Davao businessman Dennis Uy was the hot topic of the business community in 2018, as he further cranked up his buying spree for companies. For 2018, Uy bought convenience store chain. Related by financial asset: Atok-Big Wedge. "It is my hope it will encourage other companies to invest in the stock exchange, especially aspiring businessmen." Tweet. Metro Manila (CNN Philippines, January 16) — A former executive of TV network ABS-CBN has been chosen to head businessman Dennis Uy's telecommunications and media unit. “Medyo tagilid (it doesn’t look good), a quick look at what it earned versus its liabilities and you can just say that it’s a very weak balance sheet,” a finance expert who requested anonymity said. The total wealth of the Philippines’ 50 Richest fell 22% as the pandemic disrupted the economy. China Telecom teamed up with Uy and was the only qualified bid. Bachelor of Science, De La Salle University. The Natural Selection Tour, created by pro snowboarder Travis Rice, will debut in February, featuring the world’s best snowboarders in freestyle and freeriding on backcountry terrain. Metro Manila (CNN Philippines, September 14) — Tycoons Manny Pangilinan and Dennis Uy are looking to explore areas in the West Philippine Sea for … "It's a gray area, and banks are betting on Uy. However, its liabilities also jumped by over 200% to P104 billion in 2017, from just P34.6 billion the previous year. The same company is the official courier of the national elections last 2016. Dennis Uy is founder of Udenna, a conglomerate with interests spanning petroleum, oil and gas, shipping, logistics, real estate, education and gaming. A sociologist by heart, a journalist by profession. Converge ICT also received the Asia Circle of Excellence Technology Company of the Year award. In a disclosure to the Philippine Stock Exchange, DITO CME announced that during a special meeting, its board of directors accepted Uy’s resignation, effective August 16, 2020. As with many others around the world, Asia’s business leaders and companies have stepped up to combat the coronavirus pandemic. Dennis Anthony H Uy is CEO/Co-Founder at Converge ICT Solutions Inc. See Dennis Anthony H Uy's compensation, career history, education, & memberships. The 2019 Forbes Philippines Rich List saw a dramatic reshuffle as five long-time listees passed away since last year’s list and a new class of second-generation successors made their debut. ", "Exciting. For 2018, Uy bought convenience store chain FamilyMart, digital startup Pos!ble.net, Ferrari distributor Autostrada Motore, restaurant chain Conti's, and water utilities company H2O Ventures. In Hidalgo, we're ready to receive higher and more efficient investments! The 2020 college football season has made it to championship weekend, albeit with plenty of twists and turns and stops and starts. MANILA, Philippines — Dennis Uy is looking to expand into the media and entertainment business. Another market observer was also wary of Udenna’s figures, especially during a period of rising interest rates. It will have to go through the scrutiny of the National Economic and Development Authority, which will subject the rail project to a Swiss challenge. 1,777 executive movements have been recorded in the last 12 months. interest-bearing loans in 2017 reached P85.8 billion, a 200% jump year-on-year. Udenna’s 2017 financial statement reveals massive jumps and dips in the company’s numbers. In his speech, Phoenix founder and CEO Dennis Uy was similarly effusive. Companies House Companies House does not verify the accuracy of the information filed (link opens a new window) ... Dennis Richard MUIRHEAD. (READ: 'Forces' in gov't pushed for PH-China oil deal – Locsin). It promised to spend almost half of that or P150 billion in 2019. In 2017, Udenna spent P71.4 billion for investments, a 606% increase from 2016’s P10.1 billion. Dennis Uy and his group of companies. – Rappler.com. Uy also signed a joint venture deal with TIPCO Asphalt Public Company and bought shares in the Manny Pangilinan-led PXP Energy. In the Oil & Gas industry, Dennis Uy has 18,183 colleagues in 1,656 companies located in 108 countries. The ongoing China-U.S. trade war has left Philippine billionaire Enrique Razon, Jr.’s cargo terminal business, International Container Terminal Services, or ICTSI, blissfully unscathed. Uy's Udenna Foundation, in cooperation with South Korea's MyongJi Hospital donated 1,000 COVID-19 diagnostic kits to the Department of Health last March 13, it said Thursday. While Pangilinan already cast doubt over Uy's telco venture, their partnership in the oil business is cozying up. Dito is a consortium between two Dennis Uy companies (Udenna Corp. and Chelsea Logistics Corp.) and China Telecom, a state-owned telco from China. Prior to 2016, Uy had 11 companies in his arsenal. Dennis John Page Company Director Profile. Udenna comes from the founder's name Dennis Ang Uy: U from the last name, Denn from the first name and A from the middle name. Prior to 2016, Uy had 11 companies in his arsenal. (READ: Blockbuster to lackluster: #TelcoSerye drama leaves people puzzled). Udenna already submitted an unsolicited proposal in 2017 and gained the original proponent status. "In respect to the first year, I think the impact would not be significant...impact on the market [and] on the revenue profile, because we are assuming the 3rd telco will have to build the relevant infrastructure," Pangilinan said. Prior to 2016, Uy had 11 companies in his arsenal. In 2017, Uy went on buying binge, acquiring several companies such as Familymart, Conti’s, and Enderun. Uy's debut in the telecommunications space in 2019 will mean another round of massive cash coming in and out of Udenna. 6,167 executive movements have been recorded in the last 12 … The ratio is used to gauge the extent to which a company is taking on debt as a means of leveraging its assets. In 2017, Udenna spent P71.4 billion for investments, a 606% increase from 2016’s P10.1 billion. Last year, he bought 19 companies. Udenna's interest-bearing loans in 2017 reached P85.8 billion, a 200% jump year-on-year. MANILA, Philippines – Davao City-based businessman Dennis Uy broke into Forbes' list of richest Filipinos for the first time, as he aggressively went on a buying spree for companies. Apart from this tie-up, Uy's oil business is booming, with Phoenix Petroleum set to secure another major contract for a liquefied natural gas import terminal in Batangas. Tamano said that Udenna may get loans from banks and from China Telecom. Cartika.com. which holds the massive 177-hectare property in the Clark Freeport Zone. Comments. Meanwhile, the holding firm’s earnings also jumped, with revenues up by 62.4% to P51 billion in 2017 from 2016’s P31.4 billion. MANILA - Lucio Tan's LT Group and Dennis Uy's Udenna Corp on Thursday joined relief efforts for the COVID-19 pandemic, donating medical supplies to the government and frontline health workers. Apart from Udenna, his fortune also comes from stakes held in public companies Phoenix Petroleum Philippines and Chelsea Logistics & Infrastructure. All growth rates of liabilities, profit, and expenses on investment activities of Udenna were much higher than Ayala Corporation (AC), Metro Pacific Investment Corporation (MPIC), and SM Prime Holdings (SMPH). Uy, who donated P30 million to President Rodrigo Duterte’s candidacy, has bought 36 companies since the latter ascended to power. Uy has stakes in at least 50 companies operating in shipping and logistics, hotel and tourism, education, hospitality, food retail, property development and infrastructure. He is also the chairman of 2GO Group, a transport and logistics company based in the Philippines. "The restriction is on ownership, but the law allows us to loan from our partners like China Telecom," he said. View More Articles About: c-suite. With all the major projects in the pipeline, Uy is set to create more buzz in 2019. Riders will compete at Jackson Hole, Wyoming; Baldface Lodge, British Columbia and Tordrillo Mountain Lodge, Alaska. Digong may have dismantled the oligarchic empires of the Ayalas, Pangilinan, Consunji and Filipinos with one-syllable surnames, but another one-syllable family name is cropping up: Uy – for Dennis Uy. With massive acquisitions and business ventures come trade-offs. IaaS cloud to fully managed Virtual or Dedicated Servers. Blockbuster to lackluster: #TelcoSerye drama leaves people puzzled, 'Forces' in gov't pushed for PH-China oil deal – Locsin, Market observers worry that Davao businessman Dennis Uy is spreading himself thin, Uy's Udenna Corporation's liabilities soar by over 200% to P104 billion in 2017, with most funds poured for investments and acquisitions, Uy is set to spend and loan even more in 2019 for his ventures in telecommunications, oil, and infrastructure. Note that Globe spent only P42.5 billion for capital expenditures in 2017, while Smart's capex in 2017 was around P47 billion. List of companies where Dennis John Page holds appointments. New research from RE100 shows that although renewables are now the cheapest sources of energy in most countries, they can face challenges in certain markets - especially in the Asia-Pacific region, as a result of limited availability, regulatory complexity and the high costs that these cause. Out of the 4 companies, only Udenna spent more for investment activities in 2017 compared to 2016. Dennis Uy downplays worries over increasing debts of his companies posted May 26, 2019 at 07:40 pm by Jenniffer B. Austria Davao City-based businessman Dennis Uy downplayed concerns over the rising debt level of his growing business empire caused by an acquisition binge over the past three years. Meanwhile, Uy has also gained the upper hand to undertake the P30-billion, 34.9-kilometer intra-city urban rail system project in Mindanao. Filter appointments Filter appointments Current appointments Total number of appointments 6 Date of birth October 1941. Uy, a Davao-based businessman who was a top contributor to President Rodrigo Duterte’s campaign kitty during the 2016 elections, has expanded his empire through several acquisitions and ventures during the Duterte administration. In the Ground Transportation industry, Dennis Uy has 6,274 colleagues in 634 companies located in 59 countries. But with a problematic balance sheet, why are banks still eager to fund Uy's endeavors? Ralf is Rappler's business reporter, covering macroeconomy, government finance, companies, and agriculture. Moreover, observers are asking why banks are so eager to pour in mounds of cash. Moreover, the industry insider said that Uy's projects in land, infrastructure, and telecommunications are very enticing for banks. In total, Uy spent P70.1 billion for his investing activities, up by a whopping 606.9% year-on-year. Omar Fayad, Governor, Hidalgo This means that Udenna spent much more than AC, which allotted P63.8 billion in 2017. Uy bought 340 million shares in Pangilinan's PXP Energy last October. Lance Gokongwei is fighting one of the worst crises ever to hit his family's JG Summit. His venture with Pangilinan is also rumored to play a big role in the joint oil exploration talks between the Philippines and China. Uy’s DITO won a telecoms license in 2018 that followed months of Duterte saying he had offered China the “privilege” of a license. These individuals collectively are associated with 2 companies … Last year, he bought 19 companies. A high ratio is often associated with high risk. However, the investment banker said that these requirements are not really strictly enforced in practice. In a … However, this is a 412.5% jump from 2016’s P800 million. The Department of Energy earlier said that the evaluation for the application of Phoenix Petroleum and China National Offshore Oil Corporation is "almost complete.". PURE end-to-end fiber internet service provide Converge ICT Solutions Inc. again gained international recognition as its Founder and Chief Executive Officer Dennis Anthony Uy received the Entrepreneur of the Year Award at the 11th Asia CEO Awards (ACA). Udenna's debt-to-equity ratio in 2017 stood at 3.41:1.00, which, analysts said, was very high. 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