Udenna buys H2O Ventures for P327-M

FILE: (Photo from http://www.udenna.ph/)

MANILA — Udenna Development Corp. (Udevco) of businessman Dennis Uy on Thursday signed a deal to acquire listed Philippine H2O Ventures Corp., owner of the waterworks system of Calapan City in Oriental Mindoro, for PHP327.

75 million.

Listed Jolliville Holdings Corp. (JOH) and its subsidiaries and related parties executed the memorandum of agreement with Udevco for the sale of 62.

006 percent of the issued and outstanding capital stock of H2O.

The sellers own a total of 150,824,890 common shares, representing 62.006 percent of the issued and outstanding capital of H2O, inclusive of the 36.728 percent held by JOH.

The MOA provides that prior to the H2O Sale, H2O shall implement and complete a spin-off by selling all of its existing business and assets, including shares and interests in Calapan Waterworks Corp. (CWWC) and all other interests in other corporations.

A detailed share purchase agreement (SPA) shall be executed by JOH and Udevco within 45 days from the signing of the MOA.

H2O is an investment holding company, which is engaged in the operation, maintenance and distribution of water supply system through its subsidiary CWWC.

Its shares are listed in the Philippine Stock Exchange.

The Udenna Group of Companies is on the lookout for strategic opportunities to expand its businesses and leverage on the synergies between its various companies.

“Accordingly, corporations such as H2O may be considered for acquisition to serve the corporate needs of the Udenna Group,” it said in a statement. (PNA)

MANILA — Udenna Development Corp. (Udevco) of businessman Dennis Uy on Thursday signed a deal to acquire listed Philippine H2O Ventures Corp., owner of the waterworks system of Calapan City in Oriental Mindoro, for PHP327.75 million.

Listed Jolliville Holdings Corp. (JOH) and its subsidiaries and related parties executed the memorandum of agreement with Udevco for the sale of 62.006 percent of the issued and outstanding capital stock of H2O.

The sellers own a total of 150,824,890 common shares, representing 62.006 percent of the issued and outstanding capital of H2O, inclusive of the 36.728 percent held by JOH.

The MOA provides that prior to the H2O Sale, H2O shall implement and complete a spin-off by selling all of its existing business and assets, including shares and interests in Calapan Waterworks Corp. (CWWC) and all other interests in other corporations.

A detailed share purchase agreement (SPA) shall be executed by JOH and Udevco within 45 days from the signing of the MOA.

H2O is an investment holding company, which is engaged in the operation, maintenance and distribution of water supply system through its subsidiary CWWC. Its shares are listed in the Philippine Stock Exchange.

The Udenna Group of Companies is on the lookout for strategic opportunities to expand its businesses and leverage on the synergies between its various companies.

“Accordingly, corporations such as H2O may be considered for acquisition to serve the corporate needs of the Udenna Group,” it said in a statement. (PNA)