Shares in a new Philippine cellphone firm owned jointly by state-run China Telecom and a tycoon close to President Rodrigo Duterte soared on Tuesday, a day after the firebrand leader threatened to shut down its two rivals.
) - whose billionaire owners Duterte has repeatedly attacked for being “oligarchs”, threatening state intervention in their business empires.
Monday’s outburst also targeted owners of ABS-CBN , a top broadcaster that angered Duterte by not showing his campaign commercials, which led to the president’s Congressional allies rejecting its bid last month to renew its 25-year broadcast license. Uy’s DITO won a telecoms license in 2018 that followed months of Duterte saying he had offered China the “privilege” of a license. China Telecom teamed up with Uy and was the only qualified bid.
The reclusive Uy last year joined Forbes Magazine’s “richest list” in a month when he acquired half of the country’s natural gas reserves, a high-speed ferry company and exclusive rights to sell Ferrari sports cars.
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