H20 Ventures seeks shareholders’ OK for sale of water unit to Udenna Group

MANILA, Philippines — Philippine H2O Ventures Corp. will seek shareholders’ approval for the sale of its water business to Dennis Uy’s Udenna Group.

The listed holding company has set a special shareholders’ meeting on April 4, it said in a disclosure.

It also said it needs more time to complete the annual financial statements as required by the Securities and Exchange Commission.

The sale of H2O’s water business involves the sale of all its shares and interests in Calapan Waterworks Corp. (CWWC), which constitutes all its existing business, non-cash assets and liabilities.

CWWC, a wholly-owned subsidiary of H2O, is the owner and operator of the local waterworks system of Calapan City, Oriental Mindoro and is engaged in the business of developing and utilizing water resources to harness, produce and supply water for domestic, municipal, agricultural, industrial, commercial and/or recreational purposes.

In December last year, H20’s parent firm Jolliville Holdings Corp. and Udenna Development Corp. signed a memorandum of agreement.

 Under the MOA, Jolliville shall sell to Udevco all their shareholdings in H2O, representing 62.006 percent.

One of the conditions to the H2O Sale is the spin-off by H2O of all its existing business and assets.

Udenna’s acquisition of H20 is believed to be a backdoor listing for his casino venture in Cebu.

The company is building a $341 million casino which will rise on a 12.5-hectare prime beachfront property in Mactan Island in Lapu-Lapu City.

Udenna is comprised of a dynamic group of companies engaged in diverse businesses including, among others, petroleum and oil (Phoenix Petroleum), shipping and logistics (Chelsea Logistics and 2Go), real estate and property development (Udevco), education (Enderun) and convenience stores (Family Mart).