MANILA, Philippines - Cash strapped Bayan Telecommunications Inc. (Bayantel) yesterday said the entry of Ayala-led Globe Telecom Inc. into the Lopez-owned company is crucial to its going rehabilitation.
According to Bayantel chief operating officer Rafael Aguado, the company is confident that the National Telecommunications Commission (NTC) would approve its joint petition with Globe for the change in ownership.
Aguado pointed out that the change of ownership, with the entry of Globe, would complete the rehabilitation of Bayantel.
Bayantel, Aguado said, is confident in the wisdom of NTC’s decision-making process to allow the change in the majority shareholder of Bayantel for the greater benefit of the consumers.
“We stand behind every part of our rehabilitation plan in our aim to build a stronger Bayantel,” he said.
In 2013, both Globe and Bayantel jointly filed a petition with the NTC to approve its debt-to-equity transaction wherein the Ayala-owned telco provider acquired a sizable portion of Bayantel’s debt.
“The approval of the NTC of the transaction will strengthen Bayantel’s position as a viable player in the rapidly evolving telecommunications industry, making the environment more competitive in the process, “ Aguado added.
As soon as Bayantel gets out of rehabilitation, Aguado said the company would become stronger and would have new capabilities to better serve its customers.