China Telecom, 2 Filipino firms submit joint bid for Philippine telco license

Foreign firms are required to join a consortium due to a 40 percent ownership cap in local telecoms firms

  
Image used for illustrative purpose. Workers set up dishes on the antenna tower of Almadar network in Tripoli, Libya October 16, 2018.

Image used for illustrative purpose. Workers set up dishes on the antenna tower of Almadar network in Tripoli, Libya October 16, 2018.

REUTERS/Ismail Zitouny

MANILA - China Telecom and Philippine firms Udenna Corporation and Chelsea Logistics Holdings submitted a bid on Wednesday for a third major telecoms license on offer in the Philippines, the firms said in a statement.

Foreign firms are required to join a consortium due to a 40 percent ownership cap in local telecoms firms.

Chelsea is a shipping and logistics firm. Udenna is a holding company for firms controlled by local tycoon Dennis Uy, who has interests in real estate, property development and energy, among other areas.

(Reporting by Karen Lema and Neil Jerome Morales; Editing by Martin Petty and Muralikumar Anantharaman) ((karen.lema@thomsonreuters.com; +632 841-8938; Reuters Messaging: karen.lema.thomsonreuters.com@reuters.net))

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