MANILA, Philippines — The group of Davao-based businessman Dennis Uy and China Telecommunications Corp. have formalized their investment agreement to serve as the third carrier in the Philippine telco industry. The BRF envisions global connectivity through infrastructure, facilitation of free trade, financial integration, and people- to-people exchanges. Chinatel welcomed the partnership which is aimed at promoting collaboration by advancing the availability of new and emerging technologies. This landmark investment agreement solidifies the Philippine government’s commitment to improving the country’s telecommunications industry through the entry of a new telco operator that will challenge the dominance of the two giant incumbents amid persistent calls from consumers for improved services. Udenna has a diversified portfolio of businesses including petroleum and oil through Phoenix Petroleum, shipping and logistics through Chelsea Logistics and real estate through Udenna Development.

Source: Philippine Star April 27, 2019 01:03 UTC