Philippines ro-ro and ro-pax group 2Go says operations are continuing as normal despite a row over its ownership.
Tycoon Dennis Uy, the company's CEO, has had his takeover voided by the Philippine Competition Commission (PCC) due to an alleged non-disclosure.
“This matter will have no effect on the business or operations of 2Go,” the company said in a regulatory filing.
"This is a shareholder matter and in fact even concerns companies that are not direct shareholders of 2Go."
Uy has vowed to fight the ruling.
His Udenna Corp and the seller, a Dutch company linked to KGLI-NM, which is a holding company of 2Go parent Negros Navigation, were fined PHP 19.6m ($0.37m).
The two sides can still proceed with the transaction provided they submit it to the PCC for review, said the agency's spokesperson, Mercedes Torrijos.
Udenna said on Monday it has sufficient basis to challenge the PCC order.
It added it could file a motion for reconsideration of the decision, or go through the court of appeals.
“Udenna is confident that its acquisition of the shipping holding company remains assured considering that it has paid the agreed consideration and its counter-party is still committed to the consummation of the transaction,” it said.
The deal was done a month after the rules of the Philippine Competition Act took effect.
Udenna vice president for corporate affairs Adel Tamano said there was nothing wrong with the deal.
“Udenna acted in good faith in consummating the transaction based on its interpretation of the newly-issued rules of the PCC, which in Udenna’s opinion are ambiguous. At the time of completion of the subject transaction, the PCC rules were new, and Udenna had no guidelines, interpretative rulings or precedents to rely on,” Tamano added.
