Dennis Uy-backed Udenna to acquire Philippine H2O Ventures from Jolliville

Udenna Corp's Dennis Uy

Udenna Development Corp is set to fully acquire investment holding company Philippine H2O Ventures Corp from local listed firm Jolliville Holdings Corp (JOH).

JOH’s board of directors on Tuesday approved a memorandum of agreement relating to the proposed sale of the company’s entire stake in H2O to Udenna.

The deal includes over 150.8 million common shares of JOH’s subsidiaries or affiliates that represent 62.006 per cent of the issued and outstanding capital of H2O. JOH owns more than 89.3 million shares or 36.728 per cent of H2O.

Some of the selling affiliates and related parties of JOH in the deal are KGT Ventures Inc, Melan Properties Corp, NGTO Resources Corp, and OTY Development Corp.

Udenna is a holding company of businessman Dennis Uy, the co-founder of Phoenix Petroleum Philippines Inc, and founder of Chelsea Logistics Holding Inc (CLC). He is currently the CEO and president of Comstech Integration Alliance Inc, a unit of Manila Electric Co (Meralco).

H2O as an investment holding company is engaged in the operation, maintenance, and distribution of water supply system through its subsidiary, Calapan Waterworks Corp (CWWC). Its shares are listed on the Philippine Stock Exchange.

Under the memorandum of agreement, prior to the sale, H2O shall implement and complete a spin-off by selling all of its existing business and assets, including shares and interests in CWWC and all other interests in other corporations.

H2O shall also collect all receivables, settle all its obligations, assign its contractual interests, transfer or reassign all of its employees and settle and dissolve its retirement fund.

A detailed share purchase agreement shall be executed by the sellers and Udenna within 45 days from the MOA signing.

The total consideration for the H2O sale to be received by the sellers shall be around $6.5 million (P327.747 million) plus the 62.006 per cent of the remaining cash assets of H2O on closing date.

Udenna shall launch a mandatory tender offer for the H2O shares pursuant to the securities regulation code.

Also Read:

Philippines: Chelsea Logistics buys cargo firm WSI, completes Starlite acquisition

Philippines: ICTSI gets Petron stake in Manila North Harbor for $34.3m

Philippines: SM buys stake in 2Go Group, enters logistics business

Philippines: Logistics firm LBC Express raises $50m from Crescent Point

Seven Japanese trading houses investing $3.9b in Philippines

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.