PLDT quits Asia Cellular

Tue, 28 Sep 1999, 00:00 WIB | 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.

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