Udenna Corp. to consolidate 2Go stake, other shipping businesses

Udenna Corp., the parent company of Phoenix Petroleum Philippines Inc., on Tuesday said it is expanding its footprint in the logistics sector by consolidating its exposure in integrated solutions provider 2GO and other shipping businesses.

"Aside from creating synergies among 2Go, our existing shipping operations and other businesses in other sectors, we look forward to expanding Chelsea Logistics to become the prime mover of goods and passengers in the Philippines," 2GO's newly-appointed President and CEO Dennis A. Uy said.

Udenna Corp. is a Davao City-based holding company, operating through subsidiaries in trading and distribution of refined petroleum products. Unit Chelsea Logistics Corp., based in Taguig City, is in the business of shipping petroleum products and other liquid cargo.

Uy replaced Sulficio O. Tagud Jr., who retired both from the management and board of the company. Uy also serves as chairman of Udenna, as well as CEO and president of its Chelsea Logistics and Phoenix Petroleum.

Last month, SM Investments Corp. (SMIC) also completed the acquisition of a minority stake in 2Go Group, covering 34.5-percent stake in the parent company. — Jon Viktor Cabuenas/VDS, GMA News