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BREAKING NEWS

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

China Telecom, 2 Filipino firms submit joint bid for Philippine telco license
FILE PHOTO: The company logo of China Telecom is displayed at a news conference in Hong Kong, China August 20, 2018. REUTERS/Bobby Yip/File Photo -
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Bobby Yip(Reuters)
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MANILA (Reuters) - China Telecom <0728.HK> and Philippine firms Udenna Corporation and Chelsea Logistics Holdings <CLC.PS> 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)

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