The companies behind Mislatel, the third and new major telecommmunications player in the country, have formalized their partnership with the signing of an investment agreement on April 25, 2019.
Udenna Corporation (Udenna), Chelsea Logistics Holdings Corporation (Chelsea), and China Telecommunications Corporation (Chinatel) signed the agreement during the Second Belt and Road Forum in Beijing, Chelsea said in a statement to the Philippine Stock Exchange on April 29.
Chelsea is the shipping and logistics arm of the Udenna Group of Davao businessman Dennis Uy while Chinatel is the operator of the biggest fixed line network in China.
The three companies had previously committed to invest P279 billion (roughly US$5.4 billion) in Mindanao Islamic Telephone Company, Inc., or Mislatel.
Mislatel was declared as the provisional New Major Player (NMP) in the telecommunications sector on November 7, 2018, after a bidding conducted by the National Telecommunications Commission NMP selection committee.
Uy, chairman of Udenna and Chelsea, signed the agreement on behalf of his companies while Ke Ruiwen, chairman of Chinatel, signed for the Chinese telco.
“This is a historic occasion. 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,” Uy said.
Mislatel earlier announced that it has adjusted its schedule to start commercial operations to early 2021 following the delay in the resolution of its congressional franchise.
Mislatel, however, still plans to roll out its five-year plan by late 2020, “under the consideration that its CPCN will be awarded by March”.
CPCN refers to the Certificate of Public Convenience and Necessity, which telcos must secure from the Department of Information and Communications Technology (DICT) before they can construct facilities and offer their services to the public. (Ventures Cebu)