PLDT expands in South with Philcom

PHILIPPINE Long Distance Telephone Co. (PLDT) now owns Philcom Corp., a local exchange carrier with operations in southern Philippines.

            First, PLDT had to buy all of Philcom Corp.’s liabilities from PremierGlobal Resources Corp. (PGRC) for P340 million. PGR is a separate company that held all of Philcom Corp.’s debts.

            A debt-assignment agreement was signed on Friday last week between PLDT and PGRC, in which the latter sold to the phone giant the outstanding obligations owed by Philcom Corp. to suppliers, banks and other financial institutions.

            To complete the transaction in owning 100-percent of Philcom Corp., PLDT had to ink a share-assignment agreement with Philcom Corp.’s parent firm Philippine Global Communications Inc. (PGCI).

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