Senate okays Mislatel’s ownership transfer

The Senate on Wednesday night adopted a House resolution allowing the transfer of the ownership of the Mindanao Islamic Telephone Company (Mislatel) to a consortium led by Davao-based businessman Dennis Uy.

The Senate concurred with House Concurrent Resolution 23, which formalized the sale of the controlling interest of Mislatel to Uy’s Udenna Corp. and Chelsea Logistics Holdings and the foreign state-run China Telecommunications Corp.

Under the House resolution adopted by the Senate, Mislatel’s ownership structure will be: 35 percent to Udenna, 25 percent to Chelsea Logistics, and 40 percent to China Telecom. Mislatel will act as the franchise holder. 

“The NMP (new market player) 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,” read the resolution.

Senate Minority Leader Franklin Drilon and senators Panfilo Lacson and Risa Hontiveros voted against the resolution.

The government earlier declared Mislatel consortium as the country’s provisional third telco carrier after the two other bidders – Philippine Telegraph & Telephone Corp. (PT&T) and the Singson-led SEAR Telecom, composed of LCS Group and TierOne – were disqualified.

Topics: Mindanao Islamic Telephone Company , Dennis Uy , Udenna Corp. , Chelsea Logistics Holdings , China Telecommunications Corp.
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