none

TELSTRA'S PLANS TO EXPAND TO ASIA FALL THROUGH

14-03-2016
by 
in 

Last year negotiations between Telstra and San Miguel Corporation, resulted in an envisaged $US1 billion dollar joint venture to build a mobile network in the Philippines.

However, negotiations between the two have broken down with a statement issued by Telstra to the Australian Securities Exchange this morning, claiming that the two had not been able to reach agreement on the commercial.

Telstra's chief executive officer, Andrew Penn, said the organisations had agreed at the weekend to bring negotiations to an end.

"Despite an enormous amount of effort and goodwill on all sides, we were simply unable to come to commercial arrangements that would have enabled us all to proceed," he said.

"While this opportunity is strategically attractive, and we have great respect for San Miguel Corporation and its president, Mr Ramon Ang, it was obviously crucial that the commercial arrangements achieved the right risk-reward balance for all involved."

However, Telstra will still provide technical network design and construction consultancy support to San Miguel Corporation, if needed.

Telstra says it will continue to pursue growth opportunities in Asia.

Telstra has said that after the acquisition of Pacnet last April, it was now one of the largest connectivity providers in Asia.

Telstra is holding a conference call at 10:30am (AEDT) to discuss the unsuccessful negotiations.

Related news & editorials

  1. 15.07.2019
    15.07.2019
    by      In
    A new report from the Committee for Economic Development of Australia (CEDA) concludes that immigration to Australia has not harmed the jobs and earnings of local workers. The report, “Effects of temporary migration”, examines the impact of immigration and recent trends in temporary migration... Read More
  2. 09.07.2019
    09.07.2019
    by      In
    New research from the University of South Australia suggests that companies prioritising the environment are the ones reaping the financial rewards, contrary to the common perception that many businesses put profit first and a healthy planet a distant second.
    The study analysed 24,393 diverse firms... Read More
  3. 02.07.2019
    02.07.2019
    by      In
    Numerous studies have suggested that background music in the workplace can be a contributor to improved productivity – whether in an office environment, in the warehouse or on the shop floor.
    However, playing recorded or broadcast music in the workplace requires licensing to comply with the... Read More
  4. 01.07.2019
    01.07.2019
    by      In
    Small business accounting specialist Xero has published a report that attempts to quantify the magnitude and impact of late payments to Australian small businesses. The report, “Paying the Price: the economic impact of big businesses paying Australian small businesses late”, puts the value of... Read More