Dennis Uy considering large asset sales – sources

This file photo shows Udenna Corp. CEO Dennis Uy. (Udenna / Released)

A tycoon and close associate of outgoing Philippine President Rodrigo Duterte is considering selling multi-billion dollar companies, including a gas field in the South China Sea and a commercial lease of land at the site. a former US military base, two sources familiar with the matter said Thursday.

Dennis Uy, president of Udenna Corp conglomerates and listed on Chelsea Logistics cpssaw rapid growth and diversification of its business empire under Duterte’s presidency, who will step down from office next month.

The assets it is considering selling are the Malampaya gas field and Clark Global City, the sources told Reuters, refusing to be identified because they are not authorized to speak to the media.

They said buyers were looking at prospects for some of Uy’s other businesses, including oil dealer Phoenix Petroleum PNX.PS and its new telecommunications company DITO DITO.PSas well as schools and food companies that it manages.

Uy representatives did not immediately respond to requests for comment.

—Neil Jerome Morales Report Editing by Martin Petty and Mark Potter