Philippines: Menlo Capital ventures into telco with PT&T acquisition

Menlo Capital Corp, an investment house in the Philippines, has ventured into the telecom business with its acquisition of Philippine Telegraph & Telephone Corp (PT&T).

The size of the deal is undisclosed.

PT&T informed the local bourse and the Securities and Exchange Commission (SEC) of the sale and transfer of over 559.9 million common shares or 70 per cent of PT&T from Republic Telecommunications Holdings Inc (RETELCOM) in favor of Menlo Capital.

Founded in 1962, PT&T is a diversified telecom entity, which provided some of the first Philippine national telegrams and analogue long distance public voice services. It went public in 1990 and is now focused on its broadband services offerings ranging from corporate, business, residential, and satellite or rural connectivity.

Menlo Capital is the majority shareholder of MRC Allied, a listed company engaged in property development, mining, and renewable power generation in the Philippines.

Menlo Capital is backed by Philippine tycoon Lucio Tan, and prominent businessmen Salvador Zamora II, and Benjamin Bitanga.

With the latest acquisition, Zamora is now PT&T chairman while Bitanga has become its president and CEO.

Zamora was the founder, CEO and president of Nickel Asia Corp, and is currently chairman, CEO and president of Universal LRT Corp (BVI) Ltd, and is also CEO and chairman of Montreal Entertainment (Philippines) Inc.

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