Dennis Uy, Jolly Ting extend H20 share purchase negotiations
Davao-based businessman Dennis Uy’s Udenna Corp. and Jolliville Holdings Inc. of nightclub king Jolly Ting have both agreed to extend the period for the finalization of the purchase of Philippine H2O Ventures Corp. to Feb. 28.
Jolliville said the extension should give them more time to complete relevant documentation and secure the necessary approvals
H2O is an investment holding company engaged in the operation, maintenance, and distribution of water supply system through its subsidiary, Calapan Waterworks Corp.
The total consideration for the H2O sale is about $6.5 million (P327.747 million) plus the 62.006 per cent of the remaining cash assets of H2O on closing date.