Metro Manila (CNN Philippines) — Transport solutions provider 2Go Group, Inc. has appointed a new head, just two weeks after SM acquired a minority stake in the group.
The company’s board of directors chose businessman Dennis A. Uy as its new president and chief executive officer (CEO) in a meeting on Friday.
“We are committed to bring 2GO to new heights,” Uy said in a press statement. “We thank Mr. Tagud for his contributions in making 2GO resilient and more stable than ever. We hope to continue guiding it to further growth and sustainability.”
Uy is the chairman of Udenna Corporation, the parent firm of Phoenix Petroleum Philippines, and Chelsea Logistics Corporation.
Udenna is planning to consolidate 2Go with its other shipping businesses under its subsidiary, Chelsea Logistics.
“Aside from creating synergies among 2GO, our existing shipping operations and other businesses in other sectors, we look forward to expanding Chelsea Logistics to become the prime mover of goods and passengers in the Philippines,” Uy was also quoted as saying.
2GO is the largest logistics provider in the Philippines, operating domestic and international shipping, freight forwarding, warehousing, express delivery among others.
It has been two weeks since SM Investments Corporation (SMIC) acquired a minority stake in 2GO Group “via a 34.5 percent stake in its parent company,” according to a press release dated March 31.
The statement also said that SMIC President Harley Sy said the group is “optimistic about broader regional growth with the government plans in infrastructure, agriculture and tourism.”
“We are pleased with this opportunity to invest in a fast growing, dynamic logistics business,” Sy was quoted as saying. “It will benefit from, as well as contribute to the country’s economic progress especially as development spreads to the provinces.”
SMIC is one of the leading conglomerates in the country, managing specialty and food retail chains such as Ace Hardware, Toy Kingdom, Watsons, SM Hypermarket, Savemore, and SM Supermarket. Its banking portfolio includes BDO Unibank, Inc. and China Banking Corporation.
