Pac-Man days over: Cash-hungry Dennis Uy eyes sale of Conti’s, Wendy’s restos – report

Less than five years after snapping up Wendy’s and Conti’s restaurants, bilyonaryo Dennis Uy now plans to sell them to raise much needed cash to pay off his companies’ debts.

Citing multiple sources, Reuters reported on Wednesday, November 2, that Uy’s Udenna Corp. is looking to sell Conti’s Bakeshop and fast food chain Wendy’s as a bundle and is already in talks with a financial adviser to execute the sale.

Uy acquired the brands in 2018 and 2019 at the height of former President Rodrigo Duterte’s administration, around the same time he also secured the third telco franchise and opened Dito Telecom.

Uy controls 70% of Conti’s and secured the Wendy’s franchise for all of its 52 stores in the Philippines.

The businessman, who was former President Duterte’s biggest campaign financier, recently sold his controlling stake at the Malampaya natural gas project to ultra bilyonaryo Enrique Razon.

He has also been served with garnishment notices for unpaid debts of his fuel company, Phoenix Petroleum.

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