PLDT unit buys Ongpin firm with license to operate 3G

MANILA, Philippines- Smart Communications Inc., the mobile phone network operator of telecom giant Philippine Long Distance Telephone Corp. on Monday announced that it has purchased Connectivity Unlimited Resource Enterprise a licensed 3G (third-generation) operator. In a disclosure, PLDT said Smart bought PH Communications Holdings Corp. and Francom Holdings Inc. for P419.54 million. PH Communications owns 96.57 percent of CURE, while the rest of the 3G licensee is owned by Francom. Both of the acquired companies were operated by a group led by businessman Roberto Ongpin. CURE is one of the four licensees awarded by the National Telecommunications Commission (NTC) with a 3G frequency in December 2006. It was awarded an allocation of 10 Megahertz (Mhz) in the 2100 Mhz band and expects to launch its commercial service in May this year. CURE president and chief executive officer Eric Recto had said that the company activated its 3G network last December 15, 2006 and it is in the process of optimizing its network performance and coverage in preparation for its commercial launch. - GMANews.TV