Gov’t fails to sell 10.2% stake in ETPI

11/21/2007

The government declared the scheduled auction of its 10.2-percent stake in Eastern Telecommunications Philippines Inc. (ETPI) yesterday a failure after no bidders showed up in the event.

Finance Undersecretary Crisanta Legazpi, in a briefing, said they announced the auction through advertisements in major dailies but no takers came to the auction.

“We declared a failed bidding because there were no bidders. The government would have to reassess its options,” she said.

Legazpi declined to give the figure on how much they eye to get from the ETPI share sale.

She explained that if ever the auction pushed through, the company’s stockholders, under ETPI’s Articles of Incorporation, this can match the highest bid by interested investors.

“That could be another option that we can consider. Under their charter, there is a provision there that we will have to offer this also to the other existing shareholders of the company,” she said.

The government eyes to gain at least P70 billion from its privatization effort this year.

To date, it has collected about P42.3 billion from the sale of its stake in the Philippine Telecommunication Investments Corp. and Philippine National Oil Co.–Energy Development Corp., among others.

Back to top

For comments about this website:Webmaster@tribune.net.ph
The Daily Tribune © 2006