26 Apr 2005
Philippine Long Distance Telephone Company (PLDT) has completed the consolidation of its wireless business under its Smart Communications subsidiary. The company transferred a total of 766.99 million shares in its wireless arm Piltel to Smart, giving the latter a 82.14% stake in the cellco. In exchange for the Piltel shares, PLDT received 11.33 million Smart preferred shares. Smart and Piltel had a combined customers base of over 19 million at the end of 2004.
Meanwhile PLDT has revived talks with US-based satellite provider Echostar Communications over a direct-to-home satellite TV partnership. The two companies have been in talks since 2000 but a deal has been repeatedly postponed. PLDT needs to obtain a licence from the regulator before it can start offering Echostar’s services.