Globe hikes stake in Bayantel to nearly 100%

GLOBE Telecom Inc. has increased its equity interest in Bayan Telecommunications Inc. (Bayantel) to nearly 100 percent after buying all of the shares held by Bayan Telecommunications Holdings Corp. (BTHC) and Lopez Holdings Corp. (LHC) for about P1.83 billion.

In a disclosure to the Philippine Stock Exchange (PSE) on Tuesday, Globe said: “The Transaction follows the conversion by Globe of Bayantel debt into equity provided under the resolution of Bayantel’s Rehabilitation Court (Regional Trial Court Branch 158 Pasig City) in SEC Case 03-25 dated August 27, 2013, and approved by the National Telecommunications Commission on July 2, 2015, as previously disclosed.”