Dennis Uy-owned firms Udenna Corporation and Chelsea Logistics formalized its partnership with China Telecommunications on Thursday, April 25, through an investment agreement worth $5.4 billion to develop and operate the country’s third telecommunications service provider.
A press statement said 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, Chelsea, and Chinatel had previously committed to invest P279 billion ($5.4 billion) in Mindanao Islamic Telephone Company (Mislatel), which was declared last November 7, 2018 as the provisional New Major Player (NMP) by the National Telecommunications Commission (NTC).
The signing was witnessed by several business leaders from the Philippines, China, and within the Asian region at The Second Belt and Road Forum for International Cooperation (BRF) held in Beijing, China.
“This is a historic occasion,” said Udenna chairman Dennis Uy. “This is another step forward in realizing 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.”
Chinatel said the partnership aims to promote collaboration by advancing the availability of new and emerging technologies.
The investment agreement, the group added, solidifies the government’s commitment to improving the country’s telecommunications industry through the entry of a new telco operator that would challenge the dominance of the two giant incumbents amid persistent calls from consumers for improved services.