Big trouble

Meridien Telecoms, the wireless Internet company that used to be owned by Mark Jimenez until it was sold to Smart Communications, is in big trouble.

At least 40 of its 50 officers and staff have reportedly resigned en masse. Story has it that the resignation was a show of disgust over the high-handed ways of Smart official Don Rae, a Canadian expat.

With these resignations, what will now happen to the 80,000 Smart Wifi subscribers who recently got the service. As if their problems were not enough, these hapless denizens have long been experiencing connectivity problems and now this. And what about the dealers and sub-agents of Smart who sold these Wi-fi services and who will no doubt bear the brunt of customers complaining.

It is not only the employees of Meridien Telecoms that are unhappy. What is this we‚ve heard that employees of Smart are worried because revenues are reportedly down and they might not get their bonus this quarter, something they have always expected to receive as Smart always had a track record of hitting if not exceeding its revenue targets.

Wise move

First Pacific has definitely made a wise move when it decided to create a new holding company that will serve as its new listed flagship company in the Philippines.

Landco, Metro Pacific’s real estate company, has a huge potential and is a consistent money maker and it does not deserve being dragged down by the dismal performance of its sister company Negros Navigation Co. (Nenaco).

The original plan was to spin off Landco and have it listed in the local stock exchanges so that it can raise money to finance its new projects, in particular an ambitious joint venture project in Calatagan.

But if Metro Pacific were to be retained with only the losing propositions, particularly Nenaco, remaining with it, what’s the point of retaining it?

By September this year, Metro Pacific will be replaced by Metro Pacific Investments Corp. (MPIC) as the new listed company. As part of the reorganization and recapitalization plan, MPC will sell its majority stake in Landco to MPIC while the owners of MPC will end up owning MPIC.

With the benefit of a clean slate, MPIC will definitely be in a position to raise funds for Landco’s expansion.

What will happen to MPC and subsidiary Nenaco is something definitely worth watching out for.

From the readers

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