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PLDT-Digitel deal deadline extended


Telecommunications giant Philippine Long Distance Telephone Co. and conglomerate JG Summit Holdings Inc. extended the deadline for the closing date of the acquisition of Digital Telecommunications Philippines Inc. (Digitel). In a statement to the Philippine Stock Exchange, PLDT and JG Summit said that the original deadline of June 30, 2011 will be extended to July 30, 2011. "The parties remain committed to this deal since it stands to bring substantial benefits not only to the shareholders but also to the consumers and the general public who will all benefit from the combined resources and expertise of the PLDT Group and Digitel. In the end this means higher services being made available to a wider market at affordable prices," said Manuel V. Pangilinan, PLDT chairman. Alaso, James L. Go, JG Summit chairman, reiterated the "benefits of a stronger and more robust telecommunications company" for Sun subscribers. The P69.2-billion share-swap deal is currently under probe by the National Telecommunications Commission following opposition from various groups that claimed that the deal could pave the way for a new monopoly in the telecommunications sector. The deal will give PLDT 51.5-percent stake in Digitel in exchange for JG Summit holding about 12 percent of the whole PLDT Group. Combined, PLDT and Digitel will account for two thirds of the entire local market in terms of revenues. -- CMA/OMG, GMA News

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