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February 28, 2008 |
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PHIL. LONG DISTANCE: Amends Disclosure on Cruztelco Acquisition The Philippine Long Distance Telephone Co. has disclosed that Smart Broadband Inc. has completed the acquisition of all of the assets of Cruz Telephone Company. Smart Broadband is a subsidiary of PLDT's wholly owned subsidiary Smart Communications Inc. In another filing with the Philippine Stock Exchange, the company amended the prior disclosure to say that Smart Broadband completed the acquisition not all of the assets of Cruztelco but only its Cluster 3 assets. According to PLDT, the Cruztelco Cluster 3 assets are located in Northeastern Mindanao, specifically in the provinces of Surigao del Norte, Agusan del Norte, Agusan del Sur, Davao del Norte and Misamis Oriental. Since 2004, PLDT has been managing Cruztelco's network infrastructure and facilities for the provision of local exchange services by Cruztelco under a Facilities Management Agreement dated Feb. 5, 2004. Cruztelco is a telecommunications company operating in Northeast Mindanao. Since 2004, PLDT has been managing Cruztelco's network infrastructure and facilities for the provision of local exchange services by Cruztelco in Northeast Mindanao, under a Facilities Management Agreement dated Feb. 5, 2004. The National Telecommunications Commission approved SBI's acquisition of the Cruztelco Cluster 3 assets on Jan. 21, 2008. Based in Makati City, Philippines, Philippine Long Distance Telephone Co. -- http://www.pldt.com.ph/ -- is the leading national telecommunications service provider in the Philippines. Through three principal business groups -- wireless, fixed line, and information and communications technology -- the company offers a wide range of telecommunications services to over 22 million subscribers in the Philippines across the nation's most extensive fiber optic backbone and fixed line, cellular and satellite networks. * * * As of November 7, 2007, Philippine Long Distance Telephone Company carried Fitch Ratings' long-term foreign currency issuer default and senior notes ratings of 'BB+'. The company also carries Standard & Poor's 'BB+' foreign currency rating, as well as Moody's Investors Service's foreign currency bond rating of Ba2. In January 2008, Moody's changed the rating's outlook to positive from stable. |
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