The company said the planned entity will be supported by a consortium of global and local investors, including MIDC's original partners—MIESCOR and Stonepeak—as well as Macquarie Capital and Global Network Inc.
Meralco Industrial Engineering Services Corp. (MIESCOR), through its subsidiary MIESCOR Infrastructure Development Corp. (MIDC), is set to establish a new independent common tower company with Phil-Tower Consortium Inc. (PhilTower).
MIESCOR reported on Monday that MIDC has successfully finalized a transaction with PhilTower for the formation of the joint venture company.
The company said the new entity will be supported by a consortium of both global and local investors, which includes MIDC's original partners—MIESCOR and Stonepeak—as well as Macquarie Capital and Global Network Inc.
While specific financial details of the venture were not disclosed, MIESCOR emphasized that the venture would position the company as an influential player in tower sharing with considerable strategic benefits.
Richard O. Ochava, MIESCOR’s President and CEO, said: "The partnership of MIDC and PhilTower represents a significant step forward in enhancing the country's telecommunications tower infrastructure."
"By combining the strengths of the two organizations, we are creating a new standard for infrastructure efficiency and service excellence, bringing us closer to achieving nationwide connectivity," he added.
Ochava also highlighted that this initiative will not only enhance network coverage and ICT services and positively influence the country's socio-economic development by promoting digital inclusion and empowerment, particularly in underserved regions.
MIDC provides build and maintenance services to telecom operators, including the construction and upkeep of telecom tower sites, developing wired and wireless telecom systems, and providing end-customer services and solutions.
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