Chinatel signs deal with Udenna to operate country’s third telco company
Philippine firms Udenna Corporation and Chelsea Logistics, owned by Dennis Uy, signed a USD5.4bn investment agreement with China Telecommunications to provide Filipinos with better telecommunications services. The signing was done at the Second Belt and Road Forum for International Cooperation held recently in Beijing. Udenna, Chelsea, and Chinatel previously agreed to invest PHP279bn (USD5.4bn) in the Mindanao Islamic Telephone Company (Mislatel), the country’s third telecommunications service provider. Uy said the occasion signifies Udenna’s vision of improving the lives of the current and future generations of Filipinos. Chinatel said the partnership aims to boost collaboration by promoting the availability of new and emerging technologies. The investment agreement shows the government’s commitment to enhancing the country’s telecommunications industry, which is currently dominated by two firms, through the entry of a new telco player, said the group.
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