PLDT quits Asia Cellular

Tue, 28 Sep 1999 | Source: AFP

MANILA (AFP): Philippine Long Distance Telephone Co. said Monday it sold part of its stake in a regional satellite venture, Asia Cellular Satellite, to its partners PT Pacific Satelit Nusantara of Indonesia and U.S. aerospace firm Lockheed Martin.

The transactions reduced PLDT's interest in the venture to about 20 percent from 38 percent, PLDT president Manuel Pangilinan told reporters without disclosing the value of the transactions.

The satellite venture, due for launch next month in Russia, is also partly owned by Thailand's Jasmine International Overseas Co. Ltd.

"We felt more comfortable with holding lesser of the satellite risk and holding more of the local service operations. That's just a risk rebalancing decision," Pangilinan said.

View JSON | Print