Biz Buzz: An ever tighter embrace

Philippine Daily Inquirer / 05:08 AM May 24, 2017
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Who bought a 25-percent stake in Phoenix Petroleum of up and coming businessman Dennis Uy?
http://business.inquirer.net/230082/biz-buzz-ever-tighter-embrace

That’s what everyone wants to know after it was announced the other day that a certain ES Consultancy Group Inc. shelled out P4 billion for a quarter of Uy’s flagship firm.

Officially, the little known ES Consultancy is a firm involved in financial strategy, capital mergers and acquisitions, including joint venture deals. Dig a little deeper and one finds that its parent is a firm incorporated in Singapore that, in turn, answers to a Luxembourg-based holding company.

The ES Financial Group—“ES” stands for Espiritu Santo—according to its website, invests mainly in Portugal, but also has interests in Europe, Brazil, Angola “and numerous other locations around the world.”

What’s clear is that it represents high networth clients quietly in some very big deals across the globe.

So the question remains: Who’s behind this particular investment, especially since nothing is ever as it seems where the dynamic Dennis Uy is concerned nowadays?

Given how Uy’s deals have unfolded of late, it is but natural that suspicion immediately fell on his recent partners. We’re talking, of course, about the SM group, which had lent its financial muscle to the Davao-based businessman when he took over logistics firm 2GO a few weeks ago.

Phoenix, of course, disclosed that the P4 billion in proceeds from the buy-in would be used to finance Uy’s other big venture, a new integrated casino resort that will rise in Cebu, near the Mactan-Cebu International Airport.

This would make sense given the SM group does have some expertise in the casino space, being the landlords for Melco Crown’s City of Dreams in Pagcor Entertainment City.

As of yesterday, at least two knowledgeable sources queried by Biz Buzz have pointed to the SM group as the likely buyer of the 25-percent Phoenix Petroleum stake—a symbol, they claimed, of the ever tightening, mutually beneficial embrace between the two business groups.

Uy himself declined to confirm or deny the talk, sharing instead in a phone message a joke he received from a friend who was equally curious about the deal: “Who’s ES? Enry Sy?”

Well, maybe not Enry Sy, but the de facto head of the business group ‘Essie Sy. —DAXIM L. LUCAS

More smiles in Bacolod

A major partnership is in the works between a Manila-based conglomerate and a dynamic and aggressive bulk water young gun Tubig Pilipinas to establish a major foothold in addressing Bacolod’s water shortage.

The City of Smiles has been experiencing water supply shortfalls of up to 10,000 cubic meters a day lately, caused mainly by the momentum of development now going on all over the city. Major property conglomerates are building massive townships in Bacolod and its surroundings.

Our sources say the planned P5-billion water project should run tandem with the frenetic infrastructure developments and business investments to ensure the adequate delivery of potable water to the city’s 550,000 growing population. The source also highlighted that the water project will cause “significant convergence” with the specific goal of providing the people the quality service they need and deserve.

With the continuing favorable business and investment environment and the potential tourism industry boom, reliable water services will be one less problem for this first-class municipality. The city is not only the Sugar Bowl of the country but is also home to various investments in the field of trade and industries. Thousands of tourists as well flock to this part of the Negros region for the conventions it hosts and the famous Masskara Festival.

Two other conglomerates previously submitted a joint-venture proposal to the water body, but were subsequently rejected outright. A third conglomerate is now looking to partner with Tubig Pilipinas as the young water company is said to have succeeded in establishing inroads and the right relationships with the city’s leaders. —DAXIM L. LUCAS

Ibiza going places

The multi-awarded Ibiza Beach Club Inc. of the Cebu-based Manny O. Group, which boasts of the best of “lifestyle dining and unrivaled entertainment,” is set to make its hip and happening presence felt in more bustling destinations here and abroad.

First stop is the island paradise of Boracay, where Ibiza is tentatively scheduled to start shaking up the local scene before the end of the year. At the same time, there are advanced talks to bring Ibiza to Shanghai and Beijing. There are also parties interested to bring the Ibiza brand of fun and food to Malaysia.

Not only that, a part of Cebu will also find its way abroad as the Ibiza concept goes beyond just the food, wine and entertainment, to include the patented chairs—proudly designed and assembled in Cebu—the look, the signature aqua color scheme and uniforms designed by Cary Santiago. In short, the entire DNA.

Manny O. group founder and CEO Manny Osmeña could not be happier as Ibiza is pretty much the embodiment of his own philosophy of “living life well.” That philosophy first came to life in Manny O.’s Movenpick hotel in Mactan, Cebu, which was then brought last year to BGC.

If plans come to fruition, then it may just be a matter of time before even Ibiza itself embraces what Ibiza now stands for—a philosophy and not just a mere product. —TINA ARCEO-DUMLAO