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US-based private equity firm KKR has shown its investment in Pinnacle Towers Pte. Ltd., betting on the Philippine government’s push for the shared tower market.
Pinnacle entered the tower common market through its subsidiary Frontier Tower Associates Philippines Inc. (FTAP), which obtained a start signal from the Department of Information and Communications Technology (DICT) to operate as an independent tower company ( ITC).
“The telecommunications sector in the Philippines has grown rapidly in recent years amid increasing demand for connectivity. This has led to an imbalance of resources and the need to expand existing infrastructure to allow operators to provide better service and coverage to their customers, ”said David Luboff, partner and head of Asia-Pacific Infrastructure at KKR, in a statement. .
“Our investment in Pinnacle reiterates our commitment to address this need and support the Philippines’ transition to a digitally connected nation. We look forward to helping the Pinnacle team bring the benefits of a more digitally enabled economy to the Filipino people, especially in growing regions like Visayas and Mindanao, ”he added.
This marked KKR’s second infrastructure investment in the country. However, details of his investment in Pinnacle were not disclosed.
More than two years after the government planned the common tower project, on September 15 the DICT issued provisional ITC registration certificates for 23 companies that have already obtained agreements with the former.
Tower companies include Aboitiz Infracapital Inc., Acoda Towers SDN Bhd, Alt-Global-Solutions Inc., Transcend Towers Infrastructure (Philippines), Inc., China Construction First Group Corp. and Wingan Construction and Development Corp., China Construction Yangtze River (M) SDN BHD, China Energy Equipment Co., Ltd, CREI Management Services FZE, Desarrollos Terrestres Inc., EEI Corp., Frontier Tower Associates Philippines, Inc. and IHS Holding Ltd.
The certificate, he said, serves as the provisional authority to own, build, manage and operate one or more passive telecommunications tower infrastructure.
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