Dennis Uy in ‘Pacman’ mode
Businessman Dennis Uy is on a roll.
Uy, through Phoenix Petroleum Philippines Inc., is set to acquire liquified petroleum gas seller Petronas Energy Philippines Inc.
In a stock exchange filing, Phoenix said its board of directors approved the execution of a memorandum of understanding with PDB (Netherland) B.V. , a wholly owned subsidiary of PETRONAS Dagangan Berhad (PDB) for the planned acquisition of 100 percent of PEPI.
The transaction also covers the purchase of DUTA Inc., which manages and holds the various land parcels used in relation to the business.
“The acquisition shall be subject to the approval of the Philippine Competition Commission ,” Phoenix said.
PEPI is primarily engaged in the business of selling Liquefied Petroleum Gas in cylinders for household and commercial use as well as LPG in bulk for industrial use and autogas, an environment-friendly alternative fuel for vehicles.