Udenna together with another Uy-owned Chelsea Logistics Holdings and China Telecom formalised the investment agreement last week to develop and operate the Philippines’ third telecommunications service provider.
“The signing of the investment agreement reiterates the group’s commitment to take up the challenge of providing better telecommunications services in the country,” Udenna said in a statement on Friday.
The Mislatel consortium comprises of Udenna, Chelsea, and China Telecom, which won the government’s search of a new major player in the country’s telecommunications sector in November 2018.
The companies had previously committed to invest P279 billion ($5.4 billion) in Mislatel —the franchise holder and corporate entity that will receive the equity infusion from the consortium.
Dennis 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 realising 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.”
