Smart snaps up Primeworld Digital Systems Inc

5 Oct 2009

Filipino telecoms services provider Smart Communications, a unit of PLDT, has acquired 100% ownership of one-time ISP turned fully-fledged telecoms operator Primeworld Digital Systems Inc (PDSI), Business Mirror reports. The move follows the regulator’s green light for the latter to transfer the remaining 50.6 million common shares to the cellular firm, increasing its stake to 100%. As a result of the takeover Smart will be able to access PDSI’s 30MHz of spectrum in the 2.3GHz-2.4GHz band which can be used for WiMAX services. In May this year Smart acquired 33.775 million common shares of PDSI equivalent to 40% of the latter’s issued and outstanding capital stock, and subsequently agreed to acquire the remaining 60%.

Philippines, Smart Communications (Philippines)