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MANILA, Philippines, August 01, 2011 – Philippine Long Distance Telephone Company (PLDT) and JG Summit Holdings, Inc. agreed to extend anew the closing date of the transaction under the Sale and Purchase Agreement dated March 29, 2011 from July 30, 2011 to August 26, 2011. The parties are awaiting the approvals of various regulatory bodies.
PLDT’s Chairman, Manuel V. Pangilinan said: “The regulatory process, which started in early April, has taken longer than we anticipated. Nonetheless, our commitment to this deal remains unchanged because we are firm in our belief that the transaction stands to bring substantial benefits not only to the shareholders but also to the consumers and the general public.”
JG Summit’s Chairman, Mr. James L. Go said: “We eagerly await the decision of the regulators so that we can proceed with closing the deal with PLDT. This will translate to Sun subscribers benefitting from a stronger and more robust telecommunications company resulting from the PLDT-Digitel deal.”
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