Zamora buys PT&T for P800 M

MANILA, Philippines - Mining mogul Salvador “Buddy” Zamora II has reportedly acquired telecom firm Philippine Telegraph & Telephone Corp. (PTT) for roughly P800 million.

Industry sources said Zamora, a business tycoon with investments in mining and transportation, quietly acquired the company last month although it is not yet clear what he plans to do with his new venture.

“It was acquired in early May,” sources told The STAR.

PT&T, founded in 1962, originally provided some of the Philippines’ first national telegram and analog long distance public voice services.

The company suffered after the 1997 Asian financial crisis. It listed in 1990 at the Philippine Stock Exchange and has been on voluntary trading suspension since 2004.

It was incorporated in 1964 as a diversified telecommunications entity catering to the corporate, small and medium business as well as residential segments across the nation.

PT&T continues to pioneer in the space of mission critical enterprise broadband data. It has significantly expanded on its early foray into an all IP broadband infrastructure.

Today, PT&T operates a totally new 10+ Gbps broadband network across the National Capital Region and Regions 3 and 4. The company offers dedicated or shared internet access service via fiber or wireless, with speeds ranging up to one Gbps to the end-user, according to its website.

PT&T’s built-for-purpose infrastructure also means clients are provided highly efficient, low latency and high value data connectivity, it said.

The company is headed by Jose Luis Santiago, president and CEO, its website also said. According to the National Telecommunications Commission (NTC), it is owned by Republic Telecom, which is owned by the Santiago Group.

Zamora is an acute businessman with investments in various industries. His holding company, Tranzen Group Inc., has investments in transportation and tourism.

According to his published profile, he is president, chief executive officer and chairman of Universal LRT Corp. (BVI) Ltd.

He also serves as chief executive officer and chairman of Montreal Entertainment (Phil’s.) Inc. and a founder of Nickel Asia Corp., a mining company.

He served as President of Cagdianao Mining Corp. since 1997, president of Hinatuan Mining Corp. since 1987 and President of Taganito Mining Corp. since 1980.

He is also a property developer, resort and hotel operator. He serves as chairman of Oriental Vision Mining Philippines Corp. and a director of Baguio Leisure Corp.