Government to sell 10% of ETPI

The government of the Philippines plans to sell its 10.2% stake in the country’s oldest phone company, Eastern Telecommunications Philippines Inc (ETPI), through a public bidding process slated to take place on 20 November. The country’s Privatisation and Management Office (PMO) yesterday confirmed the government planned to auction off its 2.652 million ‘Class A’ shares in the operator. It is understood the shares up for grabs are those relinquished by former Ambassador Roberto Benedicto to the Presidential Commission on Good Government. The PMO will open sealed bids on 20 November, adding that it could enter into a negotiated sale if the auction fails. It did not provide details on how much it expects to raise from the sale.