The CEO of Udenna Group places 22nd on the 2019 Forbes List of Richest Filipinos. It is the first time Dennis Uy was included among the 50 wealthiest in the country after purchasing stakes in more than 50 companies. At present, his net worth is $660 million. Much will be expected from Uy who won the third bid for Dito Telecommunity, the third major telco in the country.
The growing empire
Davao-based entrepreneur Dennis Uy is the CEO of Udenna Corporation which net assets grew 28% last year. It made sense with the recent massive rise over his company’s assets. From PHP 44.1 billion in 2016, it jumped to P 134.2 billion in 2017. In spite of the growing concern over his investment activities, Uy continues to expand his empire. He bought shares in industries like shipping, real estate, oil, and infrastructures. Last year, he bought FamilyMart, Conti’s, H20 Ventures, and Autostrada Motore, the distributor of Ferrari in the country. This year, he acquired Dito Telecommunity, a consortium with China Telecom.
His most expensive transaction to date was Clark Global City with shares in Global Gateway Development Corporation amounting to PHP 34.1 billion. It partially funds the massive property in the Clark Freeport Zone where the next central hub of Luzon is set to build. With this focus on infrastructure and telecommunications projects, different banks continue to fund Uy’s ventures.
This immense growth in expenses may concern some bankers and finance experts. Yet Adel Tamano, Udenna Corporation’s spokesperson, claims these are “manageable.” The company has proven it with how they pay off loans within time. Their good relationships with banks also help with the funding. Moving forward, people can certainly expect major changes with the growing empire of Uy.