MANILA, Philippines--Philippine Long Distance Telephone Co. (PLDT) said it had signed an agreement to acquire the shareholding of debt-saddled Philippine Global Communications Inc. (Philcom Inc.) in Mindanao operator Philcom Corp. for P75 million.

In a disclosure to the stock exchange, PLDT said it signed the agreement Jan. 3 with Philcom Inc., the telecom arm of publicly listed holding firm APC Group Inc.

PLDT has been managing Philcom Corp.?s fixed-line facilities in Mindanao since January 2004 but its limited control does not allow it to expand those facilities aggressively.

PLDT operates in Mindanao through PLDT-Maratel Inc. and Smart Broadband Inc.

PLDT is also taking over Philcom Corp.?s obligations to suppliers, and to banks and other financial institutions.

It said it signed Jan. 2 a debt assignment deal with PremierGlobal Resources Corp. under which PremierGlobal would sell Philcom-related liabilities to PLDT for P340 million. Riza T. Olchondra; edited by INQUIRER.net