Dennis Uy pondering whether to accept or challenge PCC decision
The Udenna Group has branded the Philippine Competition Commission’s decision to nullify its purchase of 2Go Group and impose a P19.7 million fine as “unduly harsh” and “uncalled for” given the effect on its business.
“Udenna is of the view that it has sufficient basis to challenge the PCC decision either by filing a motion for reconsideration with the PCC, or through a petition to the Court of Appeals. Udenna also has the option to submit to the PCC decision and file a notification to the PCC,” the investment arm of businessman Dennis Uy said.
PCC voided Udenna Group’s purchase of KGL B.V., which controls shipping firm Negros Navigation Co. Inc., for non-notification of the sale.
Udenna is currently weighing its options and will choose what it deems will be best to protect the interests of its shareholders.
The holding firm stressed that it acted in good faith in consummating the transaction based on its interpretation of the newly-issued rules of the PCC.