Smart Broadband acquires Mindanao telco

A subsidiary of Smart Communications Inc. has completed the acquisition of all the assets of Cruz Telephone Co. (Cruztelco), a telecommunications company operating in Northeast Mindanao. In a statement to the Philippine Stock Exchange, telecommunications giant Philippine Long Distance Telephone Co. said Smart Broadband Inc., a subsidiary of Smart Communications Inc. acquired the entire Cruztelco. Smart Communications is a wholly-owned subsidiary of PLDT. "Smart Broadband's acquisition of the Cruztelco assets was approved by the National Telecommunications Commission on 21 January 2008," the statement said. PLDT said since 2005 has been managing Cruztelco's network infrastructure and facilities for the provision of local exchange services in Northeast Mindanao under a Facilities Management Agreement dated February 5, 2004. No other details were disclosed. - GMANews.TV