Philippines shipowner Dennis Uy's Udenna Group has sold a 25% stake in Phoenix Petroleum Philippines.
ES Consultancy Group paid PHP 4bn ($80m) for the shares as Uy diverts funds into a $300m resort and casino project in Cebu.
Udenna said it "maintains control" over Phoenix Petroleum, according to Business World.
Uy has big plans for his shipping companies after a $161m IPO in Manila for his Chelsea Logistics Corp scheduled for July.
