Who owns 2Go Group, Inc.?

Davao-based businessman Dennis Uy was at the receiving end of negative comments in social media after Transportation Secretary Arthur Tugade revealed that the government was renting 2GO Group Inc.’s vessels for P35 million.

Late Wednesday, Uy said that 2GO Group will not accept the payment from the Department of Transportation for using its ships as floating quarantine facilities for returning overseas Filipino workers and seafarers required to undergo 14-day quarantine.

Media reports identify the logistics firm as led by Uy since he sits as the chairman of the board of directors of 2GO Group.

The Department of Transportation even said it was “unfortunate” and “deplorable” that Uy “was unfairly dragged by media” in the issue.

To set the record straight, Uy clarified that he was not the sole owner nor a majority shareholder of 2GO Group.

Based on the Public Ownership Report filed by 2GO Group to the Philippine Stock Exchange, the top three principal shareholders of the logistics firm are KGLI-NM Holdings Inc., SM Investments Corp., and China-ASEAN Marine B.V.

KGLI-NM Holdings holds 867,239,109 or 35.22% direct shares of 2GO Group.

SM Investments, on the other hand, has 750,754,812 or 30.49% of direct shares.

Meanwhile, China-ASEAN Marine B.V. holds 550,558,388 or 22.36% direct shares.

How is Dennis Uy related to 2GO?

Logistics firm 2GO Group’s largest shareholder KGLI-NM Holdings is a Filipino company established from the partnership between Negros Holdings and Management Corp. and KGL Investments BV (KGLI-BV) —a private liability company incorporated under the laws of the Netherlands.

Based on Udenna Corp. affiliate Chelsea Logistics and Infrastructure Holdings Corp.’s company information, it has 28.15% indirect economic interest in 2GO Group after it acquired all of Udenna Investments B.V.'s (UIBV) outstanding capital stock through a share swap agreement with Udenna Corp in March 2017.

Economic interest in a company is not the same as ownership percentage. It only means a person or an entity’s right for a share in a firm’s profits and losses.

Meanwhile, UIBV is 70% owned by Udenna Corp. —a holding company founded and chaired by Uy.

It had 80% economic interest and 39.97% of the voting rights in KGLI-NM Holdings, which holds 39.85% economic interest in Negros Navigation Co. Inc. (Nenaco).

Nenaco, owned 88.31% of 2GO Group.

In 2018, however, 2GO merged its operations with its parent Nenaco via share swap transaction, with 2GO as the surviving entity.

2GO is engaged in the movement of people operating under brand names "2GO Travel" for passage business and "2GO Freight" for cargo business, according to the company’s information on the PSE.

2GO and its subsidiaries provide shipping, logistics and distribution services to small and medium enterprises, large corporations, and government agencies throughout the Philippines.

Share price of 2GO surged by P3.08 or 50.00% to P9.24 apiece on Thursday from its P6.16 closing price on Wednesday. -NB, GMA News