Philippine Long Distance Telephone Company (PLDT) hopes to recoup PHP2.125 billion (USD50.83 million) from its investment in Connectivity Unlimited Resource Enterprises Inc (CURE, trading as Red Mobile), more than double the figure it originally expected, the BusinessMirror reports. The paper quotes Enrico Espanol, head of legal affairs at PLDT subsidiary Smart Communications as telling the National Telecommunications Commission (NTC): ‘Please note that the cost recovery amount to which the PLDT Group is entitled, cannot be less than to enable the PLDT Group to recover its investment in CURE.’ Espanol says the sum it is looking for includes the cost of its investments in the unit, as well as advances from Smart for operational costs and other funds received from stockholders and associated funding. Proceeds from the sale of CURE will be used by PLDT to partly bankroll operating expenses it added.
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OVETEL PLDT hopes to recoup PHP2.125bn from CURE investment
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