Duterte donor Dennis Uy debuts on Forbes’ Philippines Richest List
MANILA, Philippines — Davao-based tycoon Dennis Uy has entered Forbes magazine’s 2019 Philippines Rich List for the first time with his diversified business interests.
Uy — one of President Rodrigo Duterte’s top donors during the 2016 presidential campaign — ranked 22nd on the list of wealthiest Filipinos.
Based on Forbes’ compilation, Uy has a net worth of $660 million.
A known friend of Duterte, Uy has been aggressively expanding his business since the start of the president’s term in 2016.
His holding firm Udenna Corp. has a diverse range of companies under its control, including Phoenix Petroleum Holdings, Inc., Chelsea Logistics Holding Corp., Udenna Development Corp. (UDEVCO), and Udenna Management and Resources Corp.
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In 2017, Uy added an education segment to his business through the acquisition of Enderun Colleges located in Taguig.
He also purchased the local operator of Family Mart convenience stores last October through Phoenix Petroleum.
Last year, Uy marked his entry into the telecommunications space after a Udenna-led consortium was declared as the third major service provider that will challenge incumbents Globe and PLDT.
According to Forbes, the net assets of Udenna group rose 28% in 2018. — with reports from BusinessWorld
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