Dennis Uy strikes again with the acquisition of another company
The holding company of Davao-based businessman Dennis Uy has struck a deal to buy into publicly-listed H2O Ventures Corp. in a deal valued at P327.75 million.
In a regulatory filing, Jolliville Holdings Corp. said it approved the sale of 150.82 million common shares, representing 62.006 percent of the issued and outstanding capital of H2O, to Udenna Development Corp. The shares include those owned by Jolliville?s subsidiaries and related parties.
Controlled by night club king Jolly Ting, H2O is an investment holding company engaged in the operation, maintenance, and distribution of water supply system through its subsidiary, Calapan Waterworks Corp.
UDEVCO shall launch a mandatory tender offer for the H2O shares pursuant to the Securities Regulation Code.
Prior to the sale, H2O shall implement and complete a spin-off by selling all of its existing business and assets, including shares and interests in CWWC and all other interests in other corporations.
H2O shall also collect all receivables, settle all its obligations, assign its contractual interests, transfer or reassign all of its employees and settle and dissolve its retirement fund.