Electronics giant Huawei International Pte. has partnered with local venture capitalist Information Capital Technology Ventures Inc. (ICTV) to invest in the nationwide build-up of telecommunications company Next Mobile Inc.
In a disclosure Monday, ICTV said the memorandum of understanding (MOU) with Huawei and local unit Huawei Technologies Phils. Inc. was one of several deals signed during President Aquino’s state visit to China last week.
“The milestone agreement will greatly enhance the information capabilities of ICTV and Next Mobile in partnership with the world’s largest information technology company Huawei,” the listed firm reported to the Philippine Stock Exchange.
ICTV owns a stake in Next Mobile, formerly Nextel Communications Philippines Inc. Businessman Mel Velarde is president of both firms.
The agreement was signed during the Philippine-Eastern China Business Forum held at Shangri-La Hotel in Shanghai, China’s financial center.
The disclosure did not provide any other details, but local investors gave their approval to the deal, making the company the day’s top gainer at the bourse. ICTV shares rose to 66 centavos apiece on Monday from 44 centavos last week.
ICTV, the only listed venture capital firm in the Philippines, is engaged mainly in investing in telecommunications, media and technology start-ups.