Pilipino Telephone Corporation (PLTL) is the third largest cellular mobile telephone service pro-vider in the Philippines as measured by number of customers. PLTL also provides fixed linetelephone services and paging services. Until 1991, the Company’s sole business was providing fixed line telecommunication services in 8 cities and municipalities in the country.
In 1991, the Company launched its cellular telephone services using Digital Advanced MobileCommunications platform of Smart Communications, Inc. It operates under the jurisdiction ofthe National Telecommunications Commission (NTC), which jurisdiction extends, amonf otherthings, to approving major services offered by the Company and rates changed by the comp.Its principal shareholder in PLDT, which holds 45.3% onership and voting interest.
In November 1998, First Pacific Group acquired a 17.5% direct and indirect economic interest in PLDTand an effective 27.4% voting interest in PLDT, representing the larges single block of com-mon shares of PLDT. The Company’s current business strategy respect to its principal business,cellular telecommunication services, is to the rerun on the existing network while continuingot seek out opportunities with the cellular telecommunications industry that would requireminimal capital expenditure.
