Dennis Uy-led Udenna Corp. on Friday said it has signed a $5.4-billion agreement with China Telecommunications Corp. to formally develop the country’s third telco Mislatel consortium. Mislatel as the third major telecom player. The consortium is made up of China Telecom, a Chinese state-owned telecommunication company and Udenna Corp and Chelsea Logistics owned by Davao-based tycoon Dennis Uy.
This major move could be the real solution to end a duopolistic situation in telecommunication industry in the Philippines that resulted to worst internet connection in the Philippines. China participation would be a game changer.
Uy, chairman of Udenna and Chelsea, and Ke Ruiwen, chairman of China Telecom, signed the investment deal on behalf of their respective companies.
“This is a historic occasion,” Uy said.
“This is another step forward in realizing Udenna’s vision to improve the lives of Filipinos. Everything that we do is about making lives better not just for this generation, but for the next generation. And that is happening here. Thank you to our partners and to all for being a part of this journey,” he added.
China Telecom welcomed the partnership “as it aims to promote collaboration by advancing the availability of new and emerging technologies,” according to Udenna.
“This landmark investment agreement solidifies the Philippine government’s commitment to improving the country’s telecommunications industry through the entry of a new telco operator that would challenge the dominance of the two giant incumbents amid persistent calls from consumers for improved services,” it added. —LDF, GMA News