By Emmie V. Abadilla
Udenna Corporation (Udenna), Chelsea Logistics Holdings Corporation (Chelsea) and China Telecommunications Corporation (Chinatel) last week signed a P279-billion (US$5.4 billion) investment agreement to develop and operate the country’s third telecommunications service provider (telco), Mindanao Islamic Telephone Company, Inc. (Mislatel).
“This is a historic occasion,” remarked Udenna Chairman Dennis Uy. It’s “another step forward in realizing Udenna’s vision to improve the lives of Filipinos,” he added.
Chinatel welcomed the partnership meant to promote collaboration, advancing the availability of new and emerging technologies. Last November 7, 2018 the National Telecommunications Commission’s (NTC) New Major Player Selection Committee (NMP-SC) declared Mislatel as the country’s provisional New Major Player (NMP).
The investment agreement also confirms the Philippine government's commitment to improving the industry via a third telco operator who would challenge the country’s telecom duopoly.
Business leaders from the Philippines, China, and the Asian region witnessed the signing of the agreement held in Beijing, China.
Dennis Uy (Chairman of Udenna and Chelsea) and Ke Ruiwen (Chairman of Chinatel), signed on behalf of their respective companies.