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May 07, 2018

The Philippine Competition Commission (PCC) has allowed Udenna Corp. to proceed with its acquisition of KGL Investment B.V. (KGLI-BV).

“The decision of the PCC affirms our intention of offering better transport solutions to Filipino consumers by making our operations more rseliable and efficient,” said Atty. Adel A. Tamano, vice-president for corporate affairs at Udenna.

In its decision dated May 4, the country’s anti-trust body ruled:
“In view of the recommendation from the Mergers’ Acquisitions Office and on the basis of information obtained from the parties and other sources to date, [that] the acquisition by Udenna Corporation of one hundred percent (100%) of the outstanding stock of KGL Investment B.V. (the “Transaction”) is not likely to result in lessening of competition within the Philippine market because there are no existing overlaps or vertical relationships that exist between the parties, the Commission hereby resolves that it will take no further action with respect to the Transaction.”

In a decision promulgated last February 15, the PCC declared the acquisition void on the ground of non-notification. “While we reiterated that we acted in good faith in consummating the transaction based on our interpretation of the then newly issued rules, we respected the decision and submitted to the process of having the transaction approved,” Atty. Tamano noted.

“Such a decision speaks of our commitment to contribute to the growth of the shipping and logistics industry, which plays a vital role in moving our economy of more than 7,000 islands forward.”

KGLI-BV is a holding company maintaining a single investment portfolio in the Philippines, a minority interest in KGLI-NM Holdings, Inc. (KGLI-NM).

KGLI-NM is the parent of Negros Navigation Co., Inc. (NENACO), which in turns owns majority of publicly listed 2GO Group, Inc. (2GO). KGLI-BV has a minor effective ownership in NENACO and 2GO, domestic corporations with businesses in shipping and logistics.

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