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The Philippines' biggest business deals in 2017

Dec 28, 2017 - 3:00 PM

The country's conglomerates have acquired everything from digital payment tech to coal power plants this year, as they acquire the tools they hope will shape the economy’s future

Net income of Chelsea Logistics quadruples on 2GO acquisition

Nov 16, 2017 - 2:12 PM

The increase in net income is driven by Chelsea Logistics Holdings Corporation's acquisition of two more logistics companies and shares in the 2GO Group

PRIME MOVER. The shipping and logistics business of the Udenna Group started in 2006 with the acquisition of a tanker in support of the operations of Phoenix Petroleum Philippines Incorporated. Photo from Chelsea Logistics

After 2GO, SM group not looking to buy other logistics firms

Sep 20, 2017 - 7:45 PM

The president of SM Investments Corporation says their plate is 'full' when it comes to the logistics sector

PLATE IS FULL. 'No. At this time, we are fairly new in 2GO. We believe there is a lot of growth opportunities in 2GO,' SMIC chief Frederic DyBuncio replies when asked if SM is interested in other logistics firms. Photo by Rob Reyes/Rappler

How to grow a business, according to Dennis Uy

Aug 16, 2017 - 10:00 AM

The 43 year old businessman from Davao – also a staunch supporter of President Rodrigo Duterte – is one of the most aggressive dealmakers in the country acquiring companies left and right

Sit down interview with Phoenix Petroleum President and CEO Dennis Uy on July 12, 2017. Photo by LeAnne Jazul/Rappler

How the Sy family and Dennis Uy became business partners

Aug 15, 2017 - 6:04 PM

Davao based businessman Dennis Uy has earned the trust of the Philippines richest family the Sys who backed him in his foray into shipping and logistics

Sit down interview with Phoenix Petroleum President and CEO Dennis Uy on July 12, 2017. Photo by LeAnne Jazul/Rappler

Chelsea Logistics' final offer price: P10.68 each

Jul 20, 2017 - 7:11 PM

This is lower compared to the P14 63 maximum offer price earlier set by the company

GO PUBLIC. Thirty percent of the company’s outstanding common shares will be listed with the Philippine Stock Exchange on August 8 under the ticker symbol 'CLC.' In the photo is Chelsea founder Dennis Uy. Photo by LeAnne Jazul/Rappler

PSE approves Dennis Uy's Chelsea Logistics IPO

Jul 19, 2017 - 5:52 PM

Priced at P14 63 each Chelsea Logistics expects to earn P7 59 billion from the initial public offering to fund its fleet expansion and acquisition of logistics and shipping firms among others

TO BE PRIME MOVER. 'Going public will further strengthen our position to serve the need for better shipping and logistics in a fast-growing economy like the Philippines,' Chelsea founder Dennis Uy says. Photo by LeAnne Jazul/Rappler

Ex-2GO chief decries attack over accounting scandal

Jul 14, 2017 - 1:51 PM

The only explanation for this fiasco is that the new external auditor might have found an opportunity to get back at us says Sulficio Tagud Jr

ACCOUNTING SCANDAL. 2GO last week restated its 2015 and 2016 financial statements, after a special audit requested by the firm's new management. Rappler file photo

Doubts hound KPMG following 2GO accounting scandal

Jul 13, 2017 - 5:30 PM

But KPMG RG Manabat says that its audit was based on the judgment and estimates made by 2GO management during that period

AUDITING FINANCIALS. Data from the Philippine Stock Exchange shows top 5 external auditing firms are SGV; Punongbayan & Araullo; KPMG; Reyes, Tacandong & Company; as well as Isla Lipana & Company. PSE file photo

2GO management, auditors may face over P1-M fine

Jul 11, 2017 - 11:30 PM

An investigation is underway into the restated financial statements of 2GO with the Securities and Exchange Commission looking into possible misrepresentation

OVER-INFLATED FIGURES? The restated financials pruned a whopping 90% off 2GO's net income in 2015 to P109.131 million. It also turned out that its 2016 net income should have been 74% lower than what was reported in 2015. Rappler file photo

Dennis Uy, Duterte's friend, creates P100-M mutual fund for gov't troops

Jul 11, 2017 - 10:31 PM

The mutual fund would offer financial security to soldiers and policemen as well as their families through sound investment practices and guidance programs

GRANT FOR SOLDIERS. Phoenix Petroleum CEO Dennis Uy (right) was among the major campaign contributors of President Rodrigo Duterte in 2016. Photo by Leanne Jazul/Rappler

Dennis Uy's Chelsea Logistics gets SEC approval for IPO

Jul 11, 2017 - 9:10 PM

The Securities and Exchange Commission approves Chelsea Logistics Corporation s planned P8 billion initial public offering

'GREAT DAY.' 'This is a great day for us. Thank you. I hope we can get the support of the investors,' Chelsea chief Dennis Uy says. Photo by Leanne Jazul/Rappler

2GO appoints new CFO, reports lower 2015, 2016 profits

Jul 10, 2017 - 12:15 AM

Dennis Uy the newly appointed 2GO chief says the restatement was made to ensure fair presentation of financial statements and establish accountabilities

RAISE GOVERNANCE. 'The restatement is a commitment of the new management and Board of Directors to raise corporate governance standards in the company,' 2GO president Dennis Uy says. Screenshot from 2GO 2015 annual report

Proposed SEC rule to hit San Miguel, PAL Holdings, Andrew Tan firms

Jun 17, 2017 - 10:49 AM

About 68 listed Philippine firms including 4 Andrew Tan led businesses will need to sell more shares to the public if SEC hikes the minimum public float to 20

RAISE. The SEC proposed to double the minimum public float level to 20% by July 1, 2017.

Dennis Uy's Chelsea Logistics wants a bigger pie of 2GO

May 18, 2017 - 6:39 PM

Chelsea Logistics which aspires to become the prime mover of goods and passengers in the Philippines plans to raise P8 billion via IPO in July

LOGISTICS CRAZE. Chelsea Logistics locks in a $200-million (P10.96 billion) loan with Bank of China, as 'it works toward a bigger role in the country’s transportation and logistics industry.' Image from www.chelseashipping.ph

Dennis Uy to develop $300M resort and casino in Cebu

May 04, 2017 - 5:02 PM

Udenna plans to break ground for the integrated resort and casino in 3 months time It targets to complete the development in 2022

CEBU CASINO. Dubbed as Lapu-Lapu Leisure Mactan, the development will rise within a 12-hectare prime beachfront 6 kilometers, or a 20-minute drive, away from the Cebu airport. Rappler file photo

Chelsea Logistics plans to go public to make the most of ASEAN trade

Apr 25, 2017 - 3:03 PM

CLC is the second company under the Udenna Group to go public following the listing of Phoenix Petroleum Philippines in 2007

ASEAN POTENTIAL. Chelsea Logistics chief Dennis Uy says the company's expansion aligns with initiatives to strengthen cooperation and promote trade within the Association of Southeast Asian Nations (ASEAN). Photo from Udenna Corporation

Story of Zalora deal points way for Ayala Corp’s dive into digital future

Apr 21, 2017 - 10:39 PM

Ayala Corp sees the move not just as an entry into ecommerce but as the foundation for logistics The deal itself shows how the conglomerate’s size and diversity helps it capitalize on new trends

Logistics boosts 2GO's net income in 2016

Apr 17, 2017 - 6:20 PM

The management of 2GO attributes the strong performance to sustained topline growth coupled with improved cost efficiencies

LIFTED BY LOGISTICS. 2GO's non-shipping revenues grows by 30% to P10.32 billion in 2016 due to increased service offerings and improved market share from its major accounts. Screenshot from 2GO website

Phoenix boss Dennis Uy replaces Tagud as head of 2GO

Apr 10, 2017 - 7:07 PM

The Davao based Uy also serves as the chairman of Udenna Corporation the parent firm of Phoenix Petroleum Corporation and Chelsea Logistics Corporation

NEW CHIEF. Dennis Uy replaces Sulficio Tagud Jr. as president and CEO of 2GO's parent firm, NENACO. Photo of Uy from Apex Mining website

How SM Investments acquired stake in 2GO

Apr 04, 2017 - 2:25 PM

The Sy led conglomerate acquires a 34 5 stake in 2GO s parent company for 124 50 million

NEW INVESTOR. SM Investments Corporation is a new investor in 2GO, through a deal with its parent firm. Here is the brand structure of the logistics firm. Screenshot from 2GO website

SM enters logistics through stake in 2GO

Mar 31, 2017 - 8:13 PM

SMIC s new 34 5 stake in 2GO marks the marriage of the Philippines largest retailer with the country s largest logistics provider

2GO hikes spending budget to P850M in 2015

Jul 14, 2015 - 5:19 PM

About P700 million 15 48 of this year’s capex will be used to acquire a roll on roll off vessel and two fast ferries and the remaining P150 million 3 32 million for warehouse retrofitting and equipment

REFLEETING. 2GO Group will use bulk of its capital spending budget for the year to buy one roll-on roll-off vessel and two fast ferries. Photo from 2GO.com.ph

Ship in Cebu pier accident held till repairs, inspection complete

Mar 10, 2015 - 9:17 PM

Supercat Gen Manager Angelito Salvio says they will shoulder all hospital expenses of those injured in the accident

P700,000 worth of illegal lumber apprehended at Manila port

Mar 15, 2014 - 7:00 AM

The lumber the equivalent of 12 mature Lauan trees at least 20 years old come from Nasipit Agusan del Norte

APPREHENDED. Two container vans containing around 14,000 board feet of Lauan lumber are apprehended by the Department of Environment and Natural Resources and Bureau of Customs. All photos by Pia Ranada/Rappler

Companies help Yolanda survivors

Nov 12, 2013 - 6:25 PM

Here s how the country s biggest companies are helping victims of Super Typhoon Yolanda

HELP ON ITS WAY. Private firms chip in for Typhoon Yolanda victims. Photo by Franz Lopez/Rappler

Meet the 5th generation of Aboitiz leaders

Sep 22, 2013 - 12:41 PM

Aboitiz has made a name for more than a century Time for a new generation to step up to the plate

CARRYING ON THE LEGACY. (front) Ana Aboitiz-Delgado, Rafa de Mesa; (back) Carlos Aboitiz, Tristan Aboitiz, William Paradies. Photos: Peter Imbong

Trans Asia to be probed in Cebu sea mishap

Aug 22, 2013 - 7:03 PM

Crew members of Trans Asia 9 allegedly ignored the distress call of the ill fated St Thomas Aquinas before it sank But Trans Asia says its vessel was 30 minutes away from the site

AFTERMATH. Life rafts from the sunken ferry St. Thomas Aquinas float in front of cargo ship Sulpicio Express 7 on August 17, 2013, whose bow was destroyed after a colliding with the ferry the night before off Talisay, Cebu. Photo by AFP/Ted Aljibe

Cebu ferry disaster death toll rises to 75

Aug 22, 2013 - 3:57 PM

Divers pull out more bodies including those of children from the sunken wreck Search for 45 missing from the St Thomas Aquinas ferry continues

AFTERMATH. Life rafts from the sunken ferry St. Thomas Aquinas float in front of cargo ship Sulpicio Express 7 on August 17, 2013, whose bow was destroyed after a colliding with the ferry the night before off Talisay, Cebu. Photo by AFP/Ted Aljibe

Shipping companies in Cebu mishap suspended

Aug 18, 2013 - 8:19 AM

Malacañang on collision: Determine who is at fault

Rappler´s MovePH launches Ambassador Program

May 02, 2013 - 12:50 PM

Rappler’s citizen journalists nationwide converge for a workshop in preparation for election coverage