Subject: [NEXTEL-1] Facing Expulsion for Ownership Violation, Nextel Bails out of the Philippines-

From: Marcel <[email-masked]>
Date: Mon, 13 Jan 2003 10:36:54 -0500

Facing Expulsion for Ownership Violation, Nextel Bails out of the Philippines-

Maxwealth Consultant acquires control of Nextel Philippines for 200 mln usd

MANILA (AFX-ASIA) - Maxwealth Consultant Ltd has acquired a majority stake in trunk radio
operator Nextel
Communications Philippiunes Inc for 200 mln usd, and renamed it Next Mobile, according to
Next Mobile chairman Mel
Velarde.

Next Mobile will "evolve" into a completely different company after the transaction,
Velarde said.

Nextel International Inc, former parent of Nextel Philippines, now has only a minority
stake in Next Mobile, he said.

The consortium is composed of Swedish, American, Finnish and Filipino investors, he said.

He said Next Mobile is currently undergoing a reorganization with wireless broadband now
seen as its main business.

"We see huge potential for wireless broadband in the Philippines... The key is to bet on a
platform on which solution-based
services can be delivered to a very focused market segment," Velarde said.

[email-masked]

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