THE House of Representatives has endorsed for Senate approval a concurrent resolution granting the transfer, sale, or assignment of the controlling interest of Mindanao Islamic Telephone Co. Inc. to the Udenna Corp., Chelsea Logistics Holdings Corp. and China Telecom.
This, after the House Concurrent Resolution 23, authored by Quirino Rep. Dakila Carlo E. Cua, was adopted by the lower chamber last December 12.
The Mislatel Consortium composed of Mislatel, Udenna and China Telecom already won the bid to become the third major telecommunications company in the country. It is expected to break the duopoly of Globe and Smart in the local telco industry.
“Whereas, in accordance, with the Binding Bidding Agreement duly executed by and among Mislatel, Udenna, Chelsea, and China Telecom dated November 6, 2018 and in compliance with the requirements of the National Telecommunications Commission [NTC] Memorandum Circular 09-09-2018 or the Rules and Regulations on the Selection Process for a New Major Player in the Philippine Telecommunications Market, Udenna, Chelsea and China Telecom will subscribe into the increase in shareholdings of Mislatel, which would result in Udenna, Chelsea and China Telecom’s owning majority and controlling interest in Mislatel,” the resolution read.
Udenna Corp., Chelsea Logistics Holdings Corp. and China Telecom Corp. Ltd. tapped Mislatel for the use of its congressional franchise for the third telco bidding.
The resolution said the new telco provider is committed to providing Filipinos with unprecedented and unparalled quality of telecommunication services, made possible only by the organizational unity, fiscal cooperation, and technological-transfer between and among Mislatel and its committed investors.
Meanwhile, under the agreement of Digiphil and Mislatel, Digiphil bought 2.5 million shares in Mislatel for P5 million.
It also bore an exclusivity clause which read that: “Mislatel warrants and represents that Digiphil and/or Digiphil nominated partners or business associates will be Mislatel’s sole and exclusive partner in the utilization of frequencies, permits, licenses or authorizations that may be approved through the applications or petitions mentioned herein.”
The contract also prohibited Mislatel from entering into partnerships with other companies for the same contract.