CURE to raise capital for 3G rollout

14 Sep 2006

Connectivity Unlimited Resource Enterprises (CURE), a company owned by former Filipino Trade Minister Roberto V. Ongpin which won the country’s fourth UMTS licence in 2005, has finally announced some details on its network rollout plans. According to the Manila Standard Today, CURE plans to raise its authorised capital to PHP2 billion (USD39.83 million) to help fund its 3G network build, although it has not divulged its rollout timetable. Under the terms of its licence award, the start-up has until December 2006 to prove it has the necessary wherewithal to provide 3G services. If it fails, the National Telecommunications Commission could consider it to be merely engaged in frequency hoarding and would have little choice but to revoke its licence. The rules say a licensee has twelve months to demonstrate it is capable of rolling out a 3G network, and prevent it from piggybacking on the network of another 2G/3G operator in the interim.