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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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.