Two listed firms sell BellTel stake

Two listed companies have sold their interest in Bell Telecommunication Philippines, Inc. (BellTel) to private firm Two Cassandra-CCI Conglomerates, Inc. In separate disclosures to the Philippine Stock Exchange, South China Resources, Inc. and Liberty Flour Mills, Inc. said they have sold 3.24 million 600,000 BellTel shares, respectively to Two Cassandra-CCI. South China sold its BellTel stake for P1.23 billion, while Liberty Flour's price was P227.37 million. Documents from the Securities and Exchange Commission showed Two Cassandra-CCI has five incorporators — Deogracia De La Paz, IV, Jose Luis Moreno, Noel del Merced, Rafael San Agustin, Jr. and Michael Tiaoqui. Its authorized capital stock stood at P1 million. BellTel is a telecommunication firm that started commercial operations in January 2002 and offers local and long distance telephone services, high-speed data connectivity, Internet services, cable TV, and videoconferencing. BellTel is a registered enterprise under the Investments Incentive Act and was granted pioneer status by the Board of Investments (BOI), giving it a six-year income tax holiday and allowing it to import duty-free capital equipment. — GMANews.TV