Aside from China Telecommunications Corp., Dennis Uy's DITO Telecommunity may court additional foreign investors to its group following the developments on the Public Service Act, a top official of the company says.
"Once it gets passed, it’s something that we can look into. We see it as positive [move] that you are opening up investments in telco space...," DITO Chief Administrative Officer Adel A. Tamano said during a virtual briefing."If the local market cannot provide that [money] then foreign investors really are needed for that," Tamano added.
The Senate and the House of Representatives on Wednesday ratified the bicameral conference committee report on the proposed amendments to the Public Service Act.Tamano said that while there is no discussions yet for a possible injection of new capital from foreign investors, this might be"something the finance people are looking into."
“If one way to look at it—I don’t want to put the impression that we're inclined—but... maybe [if we] get foreign investment, pwede na lumampas sa 40% ,” Tamano said. Meanwhile, the current 40% stake of its backer, China's telco giant, would not be affected by the proposed bill. Uy's Udenna Corp holds 60% in the company.
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