Red flag, Gatchalian says on cash-strapped Udenna Corp. on buying spree in Malampaya

As the government reviews the financial capacity of Udenna Corporation in acquiring the stake of Shell Philippines Exploration B.V. (SPEX) in the Malampaya gas field, the acquiring company's financial capacity is put into question anew, Senator Win Gatchalian said, after Udenna's subsidiary PH Resorts Group Holdings Inc. suspended its casino project in Clark due to debt and cash problems.

"This is a red flag. Paano natin mapagkakatiwalaan ang kumpanyang lubog sa utang? First, the acquisition of Udenna Corp. unit of Chevron's 45% stake in Malampaya was largely financed by loans. Now, Udenna wants to have the operating interests by acquiring Shell's stake," Gatchalian said.

"Malampaya is no ordinary asset. We have to make sure that any transaction should go through a thorough review and due diligence by the government to assure the Filipino people that whoever is going to step in is highly qualified, competent, and can deliver electricity," he added.

Malampaya supplies close to about 26% of the power needs in Luzon or about 3.7 million households.

In a Senate hearing last July, Philippine National Oil Company-Exploration Corp. (PNOC-EC) president and chief executive officer Rozzano Briguez told the committee that $375 million of the $565 million sale of Chevron to UC Malampaya Philippines Pte. Ltd., a unit of Udenna Corp., was done through loans from three major banks and the remaining amount of $157 million was sourced through the gas field's "net entitlements" while $33 million came from the buyer's stock issuance.

PNOC-EC holds 10% in the Malampaya project.

Last May, Shell Petroleum NV signed an agreement with Malampaya Energy XP Pte Ltd., a subsidiary of Udenna Corp., for the sale of its 100% shareholding in SPEX.

Reports said that foreign banks will finance Uy's acquisition of SPEX which are allegedly the same set of lenders in Udenna's takeover of Chevron stake worth $565 million that was closed in March 2020.

Reports also said that PH Resort Group's capital is P1.2 billion in deficit and its net liabilities have increased to over P7.2 billion as of June and that its biggest creditor, China Banking, gave Uy until September 14 to agree on a bailout of its P5.9 billion loans after three extensions.

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Gatchalian nagbabala sa pinansiyal na lagay ng Udenna Corp. na bumibili sa Malampaya

Habang sumasailalim sa pagsusuri ng gobyerno ang financial capacity ng Udenna Corporation kasunod ng pagbili nito sa stake ng Shell Philippines Exploration B.V. (SPEX) sa Malampaya gas field, muling kinuwestyon ni Senador Win Gatchalian ang pinansyal na estado ng kumpanya matapos suspendihin ng PH Resorts Group Holdings Inc., na pag-aari rin ng Udenna, ang casino project nito sa Clark dahil sa pagkalubog sa utang.

"Maliwanag na red flag ito sa tunay na estado ng Udenna. Paano natin mapagkakatiwalaan ang kumpanyang lubog sa utang? Una, nabili ng Udenna ang 45% stake ng Chevron sa Malampaya sa pamamagitan ng loans. Ngayon, gusto naman ng Udenna na mapasakamay nito ang stake ng SPEX na siyang operator mismo ng Malampaya," ani Gatchalian.

"Hindi isang ordinaryong asset ang Malampaya. Kaya kailangang siguruhin natin na anumang transaksyon na may kinalaman dito ay dapat dumaan sa masusing pagsusuri at due diligence ng gobyerno upang magarantiya sa mga kababayan natin na ang sinuman na papalit na kumpanya ay talagang kwalipikado at may kakayahang magsuplay ng kuryente," dagdag pa ng senador.

Pinupunan ng Malampaya ang aabot sa 26% na pangangailangang suplay ng kuryente o tinatayang 3.7 milyong sambahayan sa Luzon.

Sa isang pagdinig na isinagawa ng Senado noong Hulyo, sinabi ni Philippine National Oil Company-Exploration Corp. (PNOC-EC) president and chief executive officer Rozzano Briguez sa Energy Committee na ang $375 milyon sa kabuuang $565 milyong ipinambili sa Chevron ng UC Malampaya Philippines Pte. Ltd. na isang kumpanya sa ilalim ng Udenna Corp. ay inutang mula sa tatlong bangko at ang natitirang $157 milyon ay nagmula sa "net entitlements" ng Malampaya samantalang ang $33 milyon naman ay galing sa stock issuance ng kumpanya.

Ang PNOC-EC ay nagmamay-ari ng 10% ng Malampaya project.

Matatandaang napabalita noon lamang Mayo ang paglagda sa kasunduan ng Shell Petroleum NV at Malampaya Energy XP Pte Ltd., isang subsidiary company ng Udenna Corp., kaugnay ng bentahan sa stake ng Shell sa Malampaya.

Batay sa mga naglabasang balita, popondohan ng foreign banks ang ipambibili ng negosyanteng si Dennis Uy, may-ari ng Udenna, sa SPEX. Ang natukoy na foreign banks rin mismo umano ang nagpondo sa ipinambili ni Uy sa stake ng Chevron sa Malampaya.

Samantala sa isyu ng PH Resorts Group, napabalitang umabot na sa P7.2 milyon ang utang ng naturang kumpanya at tinaningan na ito ng mga creditor banks, bagay na naging dahilan upang isuspende muna ang casino project sa Clark.

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