Dennis Uy
Davao-based businessman Dennis Uy has finalized a deal to acquire a company developing a $1-billion 177-hectare logistics hub called Global Gateway Logistics City in Clark City.
The deal has been approved by the Philippine Competition Commission (PCC), the country’s anti-trust body which is mandated under the Philippine Competition Act to review mergers and acquisitions to ensure that these deals will not prejudice the interest of the consumers.
The PCC, which is mandated to review deals related to Philippine assets valued at P1 billion, announced approval of the acquisition on Thursday night.
Clark Global City Corp., an affiliate of Uy’s holding firm Udenna Corp., acquired the entire capital stock of GGDC Holdings, the majority shareholder of Global Gateway Development Corp. based in Cayman Islands which owns the leasehold rights to the land where Global Gateway Logistics City is located.