Huawei's Manila MoUHuawei's Manila MoU
12:00 PM Strikes agreement for potential business in the Philippines
September 5, 2011
12:00 PM -- Huawei Technologies Co. Ltd. looks set to be the driving force behind a new development in the Philippines following an agreement with telecom, media and technology holding company Information Capital Technology Ventures Inc. (ICTV), which appears to have aspirations to be a value-added service provider in the country. According to a document filed with the Philippines Stock Exchange, the Chinese vendor has entered into a Memorandum of Understanding (MoU) with ICTV and Next Mobile Inc. (in which ICTV holds a stake) to "explore the possibility of entering into a business relationship" related to the rollout of Next Mobile's national network.
That sounds very much like Huawei could be the provider of vendor finance and technology for whatever Next Mobile has planned.
Whatever's cooking, investors are intrigued. ICTV's share price increased by 50 percent to 0.66 Philippine pesos (about 1.56 U.S. cents, so we're talking small fry here).
— Ray Le Maistre, International Managing Editor, Light Reading
Read more about:Asia
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