MANILA – A Philippine conglomerate owned by a close associate of former President Rodrigo Duterte said on Monday it has received a notice of declaration of default from lenders, sending shares in related companies sharply lower in early trade.
DITO CME fell as much as 9%, Chelsea Logistics sank 16%, Phoenix Petroleum dropped 6% and PH Resorts retreated as much as 7.5% in the first 30 minutes of trade.
The listed companies are owned by Philippine conglomerate Udenna Corp, which has pursued a debt-fuelled acquisition and expansion spree since 2016. “There has been, in fact, no event of default or, at the very least, no irremediable event of default,” Udenna said in a statement on Monday. — Reuters