Japan's Sojitz to invest in Philippine telecom tower operator LBS

Economy

Major Japanese trading house Sojitz Corp. will acquire a controlling stake in tower operator LBS Digital Infrastructure Corp. to enter the Philippine telecommunications tower market. Sojitz said it will underwrite about 7 billion yen ($61.36 million) in shares of LBS Digital as the Tokyo-based company is looking to engage in projects to build towers to be shared for mobile services in both metropolitan areas and remote islands. Sojitz did not release details of the deal, including how much stake it will own in LBS Digital or when the procedure will be completed. A Sojitz official only said the...

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