BellTel sale receives green signal by NTC (Philippines)

www.WirelessFederation.com/news: The proposal for transfer of ownership of Bell Telecommunications Philippines Inc (BellTel) has been approved by the Philippines’ telecoms regulator, the National Telecommunications Commission (NTC).

The ownership would be transferred to Two Cassandra-CCI Conglomerates, a holding company that once owned a small stake in Liberty Telecoms Holdings, which was bought by San Miguel Corp (SMC) together with partner Qatar Telecoms.

The move will result into PHP3.6 billion (USD78 million) cash injection into BellTel. 40% stake in BellTel was acquired by Two Cassandra on December 18, 2009 and both the parties signed an agreement according to which Cassandra will buy the remaining six million shares or 60% of the issued and outstanding capital stock of BellTel after the NTC approves the change in ownership.

Two minority shareholders of BellTel, South China Resources Inc. and Liberty Flour Mills Inc also sold off their stakes to Two Cassandra.