MANILA -- Philippine tycoon Dennis Uy has reached a deal to sell a 45% stake in the critical Malampaya gas project to ports and casino billionaire Enrique Razon, as the former moves to tackle his group's debt problems.
Uy, a Davao-based entrepreneur and campaign donor to former President Rodrigo Duterte, made an aggressive, debt-funded expansion push in recent years. But his debt load was put in focus this week after a consortium of banks served Uy's Udenna holding company a debt default notice, which the company addressed on Monday.
