The country's major carriers on Monday clarified that the P69.1-billion co-acquisition of the telecommunications company of San Miguel Corp. (SMC) can no longer be rejected by the Philippine Competition Commission (PCC), on grounds that their notice on the matter does not contain any false information.
"The only exception to the rule that a transaction is deemed approved is when a notice contains false material information. In this regard, the company stated that the notice does not contain any false information," Globe Telecom Inc. told the stock exchange.
Anti-trust watchdog PCC rejected the initial notice filed by Globe and PLDT Inc., noting it was "deficient and defective in form and substance..." effectively making the transaction not "deemed approved" by the commission.
"Supposed 'deficiency in form and substance' of the notice is not a ground to prevent the transaction from being deemed approved," Globe said.
Globe noted, however, that it is willing to provide additional information and documents to the PCC "solely for its reference, information, or research purposes."
For its part, PLDT maintained its position that the transaction notice was "adequate, complete, sufficient and compliant with the requirements under the circulars, and does not contain any false material information.
"Therefore, the VTI (Vega Telecom Inc) transaction is deemed approved and cannot be subject to retroactive review by the commission," the Pangilinan-led telco said in a separate disclosure to the local bourse.
PLDT and Globe have taken measures to ensure that the transaction will not substantially prevent, restrict, or lessen competition in the Philippine telecommunications sector, according to PLDT.
The P69.1-billion deal announced last month, covered P52.08 billion for a 100-percent equity interest in Vega Telecom and the assumption of around P17.02 in liabilities.
"The only exception to the rule that a transaction is deemed approved is when a notice contains false material information. In this regard, the company stated that the notice does not contain any false information," Globe Telecom Inc. told the stock exchange.
Anti-trust watchdog PCC rejected the initial notice filed by Globe and PLDT Inc., noting it was "deficient and defective in form and substance..." effectively making the transaction not "deemed approved" by the commission.
"Supposed 'deficiency in form and substance' of the notice is not a ground to prevent the transaction from being deemed approved," Globe said.
Globe noted, however, that it is willing to provide additional information and documents to the PCC "solely for its reference, information, or research purposes."
For its part, PLDT maintained its position that the transaction notice was "adequate, complete, sufficient and compliant with the requirements under the circulars, and does not contain any false material information.
"Therefore, the VTI (Vega Telecom Inc) transaction is deemed approved and cannot be subject to retroactive review by the commission," the Pangilinan-led telco said in a separate disclosure to the local bourse.
PLDT and Globe have taken measures to ensure that the transaction will not substantially prevent, restrict, or lessen competition in the Philippine telecommunications sector, according to PLDT.
The P69.1-billion deal announced last month, covered P52.08 billion for a 100-percent equity interest in Vega Telecom and the assumption of around P17.02 in liabilities.
Vega Telecom owns controlling interests in Bell Telecommunication Philippines Inc., Eastern Telecommunications Philippines Inc., Cobaltpoint Telecommunication Inc. (formerly Extelcom), Tori Spectrum Telecommunication Inc. (formerly Wi-Tribe), and Hi-Frequency Telecommunication Inc
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