THE Court of Appeals has submitted for decision the petition seeking to stop the Philippine Competition Commission from investigating the joint acquisition by Globe Telecom and Philippine Long Distance Telephone Co. of the telecommunication assets of San Miguel Corp.
In a resolution, the CA’s Special 12th Division Associate Justice Ramon Bato Jr. has directed the PCC, the PLDT, Globe and SMC to file their respective memoranda, after which the case is deemed submitted for resolution.
The submission of the memoranda shall be the last pleading to be filed by the parties before the court resolves the case involving the Globe and PLDT’s petitions against the PCC’s review and investigation of the P70-billion 50-50 buyout of Vega Telecom Inc., a subsidiary of SMC.
“All parties are directed to submit simultaneous memoranda within a non-extendible period of 15 days from notice. Thereafter, with or without their respective memorandum, the instant cases are submitted for decision,” the October 19 resolution stated.
The appellate court’s Special 12th Division will resolve both cases of PLDT and Globe after the CA 6th Division has ordered the consolidation of the cases with the former since it is holding a lower docket number and as a rule in the CA, the lower docket number can handle all cases of same facts, issues and parties.
Last August 26, CA 12th Division has issued a Writ of Preliminary Injunction against PCC and its agents from conducting any investigation which would impair the rights of PLDT, Globe and SMC.
The injunction was issued in order not to affect the rights of the consumers and to protect the move to improve the internet speed and connection nationwide.
PCC, in its letters dated June 7 and June 17, 2016, ordered the pre-acquisition review and investigation of the acquisition made by PLDT and Globe of all the issuing and outstanding shares and assets of Vega Telecom.
Pursuant to the Sale and Purchase Agreement executed on May 30, 2016, for an agreed purchase price of P52,080,764,982 under a deferred payment scheme—the sum of P26,040,382,490 was paid upon the execution of the contract, P13,020,191,246 to be paid on December 1, 2016 and P13,020,191,246 to be paid on May 30, 2017.
Both PLDT and Globe purchased on an equal sharing or 50-50 percent for the entire issued and outstanding shares of stock of VTI.
Earlier, the CA also ordered the anti-trusts commission to file its comment on the plea of the PLDT seeking the issuance of a gag order, in connection with the anti-trust body’s review of the acquisition of the SMC’s telecom assets.
The CA’s Special 12th Division gave the PCC 10 days to respond on PLDT’s urgent motion for the issuance of a gag order, which the petitioner said is needed considering the sensitive nature of the acquisition and the high public interest in the case.