Part of PXP deal? Duterte crony Dennis Uy offers $73M to take over troubled Singapore offshore oil firm
Udenna Corp., the holding firm of bilyonaryo Dennis Uy, has offered to fork out $73.29 million to take over an ailing Singaporean offshore oil and gas services firm.
In a report by Singapore’s Business Times, Udenna has signed a “non-binding” agreement with EMAS Offshore according to the latter’s board.
Udenna’s offer for the Singapore firm is hot on the heels of Uy’s purchase of a 14.8 percent stake in PXP Energy Corp. for more than P4 billion. PXP Energy has a 77.5 percent direct and indirect interest in Forum Energy Ltd.which owns the rights to Service Contract (SC) 72 west of Palawan island at the heart of the disputed West Philippine Sea.
The Duterte administration is pushing to sign a joint exploration deal with China in SC 72 during the visit of China President Xi Jinping this month.
Udenna has five weeks to conduct a due diligence on EMAS’ books and finalize the terms of its acquisition.
EMAS is a subsidiary of Ezra Holdings which filed for bankruptcy in New York in 2017. EMAS shares were delisted from the Oslo stock exchange last September while trading of its shares on the Singapore bourse has been suspended since 2017.