China Telecom, Dennis Uy's Udenna Corp team up for 3rd telco bid
MANILA, Philippines – Dennis Uy's Udenna Corporation and its subsidiary Chelsea Logistics Holdings Corporation confirmed on Wednesday, November 7, that they have partnered with China Telecommunications Corporation (China Telecom) to bid for the 3rd major telecommunications player slot.
Their group, called Mislatel Consortium, also includes the Mindanao Islamic Telephone Company.
Mislatel was the first to submit bid documents on Wednesday.
"The consortium is confident that Udenna Corporation's extensive supply chain and knowledge of local industries will complement the world-class technology and telecommunications expertise of China Telecommunications Corporation," they said in a statement.
"In the event that the consortium is confirmed as the [new major player], its immediate priority will be to prepare and consolidate all the required resources in order to provide the best telecommunications services that Filipinos have been aspiring for."
China Telecom is one of the largest telecommunications providers in China. It is publicly listed in the Hong Kong Stock Exchange and the United States' New York Stock Exchange.
According to the company's website, it has about 250 million subscribers. It ranked 174th in the Forbes Global 2000 list, which is based on a composite ranking of sales, profit, assets, and market value.
President Rodrigo Duterte initially preferred China Telecom or a Chinese-led company to be the 3rd telco player and wanted it to operate in the 1st quarter of 2018. However, the government eventually opened the doors to other players. (FAST FACTS: 3rd telco player selection rules)
The Uy-led Udenna, which was incorporated in 2002, is among the fastest growing holding companies in the Philippines. It is in the business of distribution and retail of petroleum products and lubricants of Phoenix Petroleum.
Uy, whose business empire started in the President's hometown of Davao City, was among Duterte's top campaign donors in the 2016 elections. (READ: How to grow a business, according to Dennis Uy) – Rappler.com