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Business deals

Philippine tycoon Dennis Uy eyes asset sale to cut debt

Duterte ally opens door to offload fuel retailer after yearslong buying spree

Dennis Uy is a prominent Philippine tycoon and backer of President Rodrigo Duterte. (File photo by Getty Images) 

MANILA -- Philippine tycoon Dennis Uy, a campaign backer of President Rodrigo Duterte, has embarked on an asset sale as his group moves to cut debt after an aggressive acquisition spree.

The CEO of the country's newest mobile operator, Uy has invested in over a dozen companies -- from pastry shops to energy ventures -- in a leverage-backed expansion push in recent years. This buying binge has raised concerns over his group's debt profile, as the pandemic-induced recession deals a blow to Philippine businesses.

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