BIZ BUZZ: Dennis Uy fully exits Malampaya

Without any fanfare, tycoon Enrique Razon Jr. has cemented his control of the Malampaya offshore Palawan deep-water gas-to-power project.

Davao-based businessman Dennis Uy has sold his remaining interest in the controversial project to Razon, now the wealthiest person in the country, according to several Biz Buzz sources.

The deleveraging Uy had owned 90 percent of Malampaya (covered by Service Contract 38), but sold half of the interest to Razon in 2022. That first block covered the participating interest previously held by Shell Philippines Exploration B.V.

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For a few years, Uy kept the remaining 45-percent stake that was originally bought from Chevron Corp.

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But now, Uy likewise flipped the remaining interest to Razon, who in turn used a privately held entity to seal the deal.

“They believe they can still (get more) output so it’s worth buying,” one source said.

“Maybe he (Razon) is confident about the (power) offtakers,” another source added.

While Uy’s entry into Malampaya came with a loud bang—drawing intense flak amid allegations of a rushed, coerced transaction during the Duterte regime—his exit could not be quieter. — Doris Dumlao-Abadilla

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Del Monte’s recipe for survival

Del Monte Pacific Ltd. is trying to reassure investors that it isn’t running out of steam despite ending its fiscal year with a hefty $589.9-million net capital deficit.

Responding to queries from the Singapore Exchange, the food and beverage giant insisted that its current financial strain is tied to its capital structure—not its operations.

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Its crown jewel, Del Monte Philippines Inc., remained profitable, posting a 43-percent jump in operating profit to $153.6 million and a 37-percent increase in net profit to $103.1 million in fiscal 2026.

The group acknowledged its $787.2-million net current liability position and a cash balance of just $8 million, but stressed that revolving credit facilities continue to support liquidity.

It is also working with an external financial restructuring adviser to finalize a recovery plan while negotiating with lenders to extend covenant waivers that mostly expire around September 2026.

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One major lender has already extended its waiver until September 2027. The company added that none of its lenders has issued a formal notice of collection acceleration or enforcement. — Emmanuel John B. Abris INQ