PLDT mobile unit obtains $100 million loan. There is still some money chasing telecoms in Asia, John.
PLDT mobile unit obtains $100 million loan
29 November, 2002 20:01 GMT+08:00
MANILA (Reuters) - Smart Communications Inc, the money-spinning cellular unit of Philippine Long Distance Telephone Co (PLDT), said on Friday it had obtained a $100 million loan to finance its network expansion.
In a statement, Smart said the lead arrangers of the five-year loan facility were Bank of Tokyo Mitsubishi Ltd, Citibank N.A., and ING Bank N.V.
"The purpose of the facility will be to finance equipment and services related to Phase 6 expansion of Smart's global system for mobile communications network, including transmission facilities, information technology systems, and other capital expenditures," said Smart, which is not listed on the stock exchange.
PLDT TEL , the Philippines' largest telecommunications provider, earlier this month reported nine-month earnings up 75 percent on a year earlier at 1.4 billion pesos ($26.12 million).
Earnings were driven by a 51 percent rise in nine-month revenues from Smart Communications, the country's largest mobile phone company. |
