Davao-based business businessman Dennis Uy shelled out P875 million to buy out ES Consultancy Group chairman and president Elmer B. Serrano from the holding firm of Chelsea Logistics and Infrastructure Holdings.
Serrano sold 43,081 preferred B shares and 200 shares of KGLI-NM Holdings at P20,309.30 per B share and P10 per common share to its partner Chelsea.
Chelsea said the buyout price was proportional to Serrano’s 2GO Group shareholdings of KGLI-NM.
Last March, Uy sold Chelsea’s 31.73 stake in 2GO to SM Investments Corp. (SMIC) for P6.64 billion.
Chelsea will own effectively own 100 percent of KGLI-NM after the buyout as Chelsea also owns the holding firm’s other shareholder, Udenna Investments B.V..
Serrano serves as either corporate secretary or information officer or both in seven companies owned by the Sy-blings: BDO Unibank, BDO Leasing and Finance, SM Prime Holdings, Premium Leisure, Atlas Consolidated Mining, 2GO, and SMIC.
The 52-year old M&A specialist is a senior partner of the MVGS Law Firm. He is the main architect behind the merger of Equitable Banking and PCI Bank which was later gobbled up by BDO to create the country’s largest bank.