Senate approves ownership change of Mislatel Inc.

The Senate on Wednesday approved the transfer of ownership of Mindanao Islamic Telephone Company Co. Inc. (Mislatel Inc.) in favor of the telco’s partners in the third telco consortium.

“With three negative votes, the resolution is hereby adopted,” Senate President Vicente Sotto III said during a session.

Mislatel Inc., which holds a franchise to operate as a telecommunications company, will be owned by Mislatel Consortium—made up of Dennis Uy’s Udenna Corp., its subsidiary Chelsea Logistics Holdings Corp., and China Telecommunications Corp.

The negative votes were cast by Senators Franklin Drilon, Panfilo Lacson, and Risa Hontiveros-Baraquel.

“It’s only a concurrent resolution, no need for second reading,” Senate Majority Leader Juan Miguel Zubiri said in a mobile message.

Dubbed as the Mislatel Consortium, the group was officially declared as the “New Major Palayer” by the National Telecommunications Commission on November 19.

“The NMP is committed to providing Filipinos with unprecedented and unparalleled quality of telecommunications services, made possible only by the organizational unity, fiscal cooperation and technology transfer between and among Mislatel and its committed investors,” according to a Senate resolution on Wednesday.

Under the franchise, however, Congress must first to approve the transfer of controlling interest of Mislatel Inc. in light of the capital infusion by the consortium.

“As necessitated by Mislatel’s franchise granted under Republic Act 8627, the Congress needs to approve the ‘transfer, sale, or assignment of the controlling interest of Mindanao Islamic Telephone Company Inc. due to the capital infusion of the Mislatel Group into Mislatel itself,” Senator Grace Poe-LLamanzares said in an earlier sponsorship speech.

Poe currently chairs the Senate Committee on Public Services. —VDS, GMA News