More 3G Investment From Big Business

On top of yesterday’s report on Tonyboy Cojuangco’s “Dream 3G”, the Philippine Star reports that a Enrique Razon-led group mulls entry into the mobile phone business.

According to “highly placed sources,” House Speaker Jose de Venecia has sold Multimedia Telephony Inc., (MMTI) the operator of Broadband Philippines service, to the cargo handling mogul. MMTI has been wiring up buildings for broadband using LMDS technology since 2000 or so.

Another business magnate is investing:

CURE, reportedly owned by former Trade Minister Roberto Ongpin who owns listed information technology company ISM Communications. ISM is trying to acquire a majority stake in Eastern Telecommunications Phils. Inc. (ETPI) and is reportedly eyeing Extelcom, which holds a mobile telephony franchise.

As well as another oldtimer who has been trying to compete against GSM over the years:

Another applicant is Next Mobile, controlled by the Velarde group. The said group recently acquired a controlling stake in Cashrounds and there are rumors that listed on-line financial matching firm Cashrounds will be used as a vehicle for the backdoor listing of Next Mobile, the country’s leading digital trunk radio service company.

Cashrounds “operates as the on-line agent for companies that look for equity financing outside the stock market.”:

a matchmaker between companies that have funding requirements and individuals or institutions who have funds to invest. If you represent or own a company or a business that has good growth prospects and are in need of capital to finance your company’s expansion or if you are an investor wishing to diversify your portfolio by investing in interesting high-growth businesses, Cashrounds will certainly be a good starting point in your search for partners.

These companies need cash to to comply with the NTC’s requirement of 400 Million pesos paid up capital. Will this be a good investment for these tycoons, or just money down the drain like some of their previous ventures?

For more technology news and gadget reviews, follow us on Facebook, Twitter and Instagram
  • I don’t know if they’re wasting their money but if they _can_ put their money where their mouths are, this will definitely be good for us consumers. Unless they enter into some oligopolistic arrangement, this’ll be good competition that will definitely be a boon to us commonfolk, assuming of course that they really push through and successfully sell 3G services.