Smart to take on Piltel’s debt

23 Mar 2004

Smart Communications, the unlisted mobile subsidiary of the Phillippines’ largest telco PLDT, has announced plans to buy the debt of loss-making affiliate Pilipino Telephone (Piltel) – also owned by PLDT – as part of a larger plan to purchase a controlling stake in the company. Smart plans to ask creditors for approval to buy PLDT’s 45.3% equity stake in Piltel for an undisclosed amount, but has denied rumours that it is looking to merge Piltel’s operations with its own, claiming that it would keep the two companies separate.