The Securities and Exchange Commission (SEC) has given the equity structure of third telco player Mislatel Consortium the thumbs up, confirming that the company is compliant with the country’s foreign ownership limits.
During the Senate Committee on Public Services hearing on the third telco player, National Telecommunications Commissioner Gamaliel Cordoba said the SEC gave Mislatel the thumbs up on Dec. 20, 2018 as the commission found the terms of bidding agreement compliant with the laws on foreign equity ownership.
In Opinion No. 18-24, the SEC found that the proposed equity structure in the bidding agreement submitted by Mislatel Consortium was compliant with foreign ownership provisions.
The Constitution limits to 40 percent foreign ownership in public utilities such as telecommunications, electricity, water, and transportation.
Mislate’ls equity structure consists of 40 percent China Telecommunications Corporation Ltd., 35 percent Udenna Corp., and 25 percent Chelsea Logistics Holdings Corp. Mindanao Islamic Telephone Co. is the group’s franchise holder.
Chelsea Logistics is a subsidiary of Udenna, both companies helmed by Davao-based businessman Dennis Uy.
In November 2018, the NTC confirmed Mislatel Consortium as the new major player in the country’s telecommunications industry.
The company has 90 days to submit its business and rollout plans to be get its telecommunications frequencies from the NCT. —VDS, GMA News