Dennis Uy assumes top post at 2Go
Logistics giant 2Go Group Inc. has appointed Davao-based businessman Dennis Uy as president and CEO following the retirement of Sulficio Tagud Jr.
The change in management stemmed from a court battle between Uy’s holding firm Udenna Corp. and 2Go parent firm Negros Holdings Management Corp. and Dutch firm KGLI-NM Holdings that ended in arbitration.
The management shakeup followed the entry of tycoon Henry Sy’s listed holding firm SM Investments Corp into 2Go via the acquisition of a 34.5 percent stake in Negros Navigation Co.
Nenaco owns 88.31 percent of 2GO,
Uy, owner of Phoenix Petroleum Corp, holds a 21 percent stake in 2GO.
He plans to consolidate his holdings in 2Go and other shipping operations and businesses in other sectors to further expand Udenna’s footprint in the logistics industry.
He noted the bright prospects for the logistics sector in the Philippines as the government works on sustaining the growth of the economy