SMIC now controls 2Go Group, Davao businessman Uy out
SM Investments Corporation (SMIC) has taken control over 2Go Group Inc. with the completion of the divestment of Dennis A. Uy from the company in favor the Sy familys investment arm and Singapore private equity fund Archipelago Capital Partners Pte. Ltd. In a disclosure to the Philippine Stock Exchange, SMIC said it has completed its acquisition from KGLI-NM Holdings, Inc. (KGLI-NM) of 550.56 million common shares representing 22.36 percent of 2GO Group. (2GO via a special block sale through the facilities of the PSE. Dennis Uys holding firm Udenna controlled 2Go through Chelsea Logistics and Infrastructure Holdings Corporation which held the shares in the shipping firm through KGLI-NM. This resulted in the increase of SMICs current shareholding from around 30.53 percent to approximately 52.85 percent of 2GO. Following this transaction, 2GO is now a subsidiary of SMIC. With this development, Dennis Uy resigned as Chairman of 2Go and was replaced by SMIC President Frederic Dybuncio.
SMIC now controls 2Go Group, Davao businessman Uy out
SM Investments Corporation (SMIC) has taken control over 2Go Group Inc. with the completion of the divestment of Dennis A. Uy from the company in favor the Sy familys investment arm and Singapore private equity fund Archipelago Capital Partners Pte. Ltd. In a disclosure to the Philippine Stock Exchange, SMIC said it has completed its acquisition from KGLI-NM Holdings, Inc. (KGLI-NM) of 550.56 million common shares representing 22.36 percent of 2GO Group. (2GO via a special block sale through the facilities of the PSE. Dennis Uys holding firm Udenna controlled 2Go through Chelsea Logistics and Infrastructure Holdings Corporation which held the shares in the shipping firm through KGLI-NM. This resulted in the increase of SMICs current shareholding from around 30.53 percent to approximately 52.85 percent of 2GO. Following this transaction, 2GO is now a subsidiary of SMIC. With this development, Dennis Uy resigned as Chairman of 2Go and was replaced by SMIC President Frederic Dybuncio.