By Azer N. Parrocha
MANILA, Jan. 22 (PNA) — Bayan Telecommunications Inc. (Bayantel) expressed confidence on Thursday that the National Telecommunications Commission (NTC) will approve its joint petition with Globe Telecom Inc. (Globe) before the regulatory agency for the change in ownership of Bayantel that will complete its rehabilitation.
To recall, Bayantel and Globe jointly filed a petition before the NTC asking to approve its debt-to-equity transaction which both firms entered into when the former acquired a sizable portion of the latter’s debt from its creditors last 2013.
Bayantel said it is confident in the wisdom of NTC’s decision-making process and that the agency will 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,” the firm’s Chief Operating Officer (COO), Rafael Aguado, said in a statement.
The rehabilitation of Bayantel, Aguado said, will help steer the company towards a better financial position and enable it to provide social and economic gains for the Filipino consumers.
Aguado also noted that the approval 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.
“As soon as Bayantel gets out of rehabilitation it will become stronger and will have new capabilities to better serve its customers,” he added. (PNA)