Chinese-Filipino Taipan Gives up Buying Local Telecom Giant

Home>>Business

Last updated at: (Beijing Time) Wednesday, October 02, 2002

Chinese-Filipino Taipan Gives up Buying Local Telecom Giant

A Chinese-Filipino-owned business group in the Philippines said on Wednesday that it had terminated its offer to acquire part of the assets of the biggest telecommunications company in the country.

DISCUSSION

CHINESE

SEND TO FRIEND

A Chinese-Filipino-owned business group in the Philippines said on Wednesday that it had terminated its offer to acquire part of the assets of the biggest telecommunications company in the country.

Gokongwei Group of Chinese-Filipino taipan John Gokongwei signed a memorandum of agreement (MOA) with the First Pacific Corp.of China's Hong Kong to form a joint venture to acquire a 24.4-percent stake in the Philippine Long Distance Telephone Co. (PLDT) and the main property interest of Metro Pacific Corp. under Bonifacio Land Corp. in a deal of 925 million US dollars.

"We hereby withdraw our offer to acquire from First Pacific interests in PLDT and Bonifacio Land Corp. and we hereby terminate the MOA," the Gokongwei group said in a letter addressed to First Pacific dated October 2.

The Gokongwei group said it reached the decision after the difficulties encountered by First Pacific in complying with the conditions of their MOA and the inability of the Hong Kong firm to complete the transaction within the specified time frame.

This controversial transaction triggered big dispute between the Gokongwei group and PLDT's management. The deal, if accomplished, will be the biggest acquisition in the Philippines.

John Gokongwei is reportedly the third richest individual in the Philippines, whose conglomerate J.G. Summit Holdings Corp. is one of the biggest investment company in the Philippines. The Bonifacio Land Corp. is also a major player in the country's real estate market.

Questions?Comments? Click here

Jiang Urges Army to Prepare for Military, Anti-Terror Struggles ( 34 Messages)

'Taiwan Independence': Greatest Threat to Taiwan Straits Peace ( 41 Messages)

China Continues to Absorb Foreign Investment ( 2 Messages)

China Becomes Biggest Market for English Learning ( 2 Messages)

US Urged to Stop Activities in Chinese EEZ ( 7 Messages)

Two Chinese Students Shot Dead When Robbing a Malaysian Bank ( 5 Messages)