Smart contests ETPI sale

19 Aug 2005

PLDT mobile unit Smart Communications is contesting the sale of a 17.7% equity interest in Eastern Telecommunications Philippines (ETPI) to the Ongpin group of investors. Smart holds a 9.8% stake in ETPI and says that it should have the right of first refusal over the shares, which are being sold by Aerocom Investors and Managers. Aerocom has already sold 4.6 million shares in ETPI to ISM Communications Corp, a group led by Ongpin, through a share-swap deal last month.

Philippines, Smart Communications (Philippines)