Philippine Competition Commission (PCC) approved of Dennis Uy’s acquisition of Chevron Philippines’ shares of 45% in the Malampaya gas facility, assuring that the decision will not decrease nor discourage market competition.
The PCC ascertained that there are no “horizontal or vertical relationships” between Chevron and UC Malampaya.
Other companies involved in the Malampaya gas plant are Shell Philippines Exploration BV and the Philippine National Oil Corporation, which holds 45% shares and 10% shares, respectively.
This is another successful acquisition by business tycoon Dennis Uy relating in oil businesses other than owning Phoenix Petroleum, having a buying spree timeline for companies since 2016 that diversifies his business portfolio, and has a fair share of controversies in the past.
Dennis Uy had debuted to be among the 50 richest people in the Philippines, claiming the 22nd spot for accumulating $660 million net worth in 2019. He was also one of the campaign supporters of President Duterte during the 2016 Presidential election and since Duterte’s reign, had Uy’s business booming.
Dennis Uy has been putting shares of various businesses such as food, telecommunications, infrastructure, shipping, and education.
Among his owned companies include, Chealsea Logistics Infrastructure Holdings Corp. which had been seeking a government guarantee for a hefty loan to finance its business in recent weeks.
He also owns a part in Dito Telecommunity, the third major telco player meant to tip the duopoly scale between Globe and PLDT, which had been reported to push its deadline of commercial launching to March 2021 due to current struggles from various delays and showcases of incompetence.