Businessman Dennis Uy revealed his plans to expand his burgeoning business empire to media.
The Davao-based tycoon, who backed President Rodrigo Duterte’s campaign last 2016, formed Udenna Communications Media and Entertainment Holdings Corp. which will be folded into his listed company ISM Communications Inc., as per a report from The Philippine Star.
“Udenna Communications Media and Entertainment Holdings Corp. is intended to be the parent entity that holds the Udenna Group’s shares in telecommunications, media and entertainment businesses,” ISM Communications said in a statement.
ISM Communications’ board of directors also approved the change in the company’s name to Dito CME Holdings along with the authorized capital stock which was raised to P40 billion from P2.8 billion.
Uy led the Mislatel consurtium, the third telco player in the country which aims to break the Globe-PLDT duopoly.
The businessman earlier acquired a 45.13 percent of ISM through Dennison Holdings Corp, making him the single biggest shareholder of the company.
Uy recently went into a buying spree of company acquisitions for the past few years.
In 2018, he bought convenience store chain FamilyMart, digital startup Pos!ble.net, Ferrari distributor Autostrada Motors, restaurant chain Conti’s, and water utilities company H2O Ventures.
He also acquired the 45 percent stake of Chevron in the Malampaya project and has ventured to development with Clark Global City.
Uy had also purchased 100 percent of the Philippine franchise of international service food chain Wendy’s last November along with Cebu-based shipping company SuperCat Fast Ferry Corporation, and Enderun Colleges, Inc in 2017.
