|
DIGITEL
Crossing Inc. (DCI), a joint-venture company of Asia
Global Crossing and Digital Telecommunications
Philippines Inc. (Digitel), has complied with a
requirement set by regulators to convert advances from
stockholders into equity.
This was
a condition set by the National Telecommunications
Commission (NTC) when it approved DCI’s application to
authorize it to fully assume the operation and
maintenance of Digitel’s international cable landing
station in Cavite.
The NTC
approved in December last year Digitel’s application to
assign and transfer its international cable landing
station permit to DCI subject to the condition that the
latter shall convert the advances from stockholders in
the amount of P289,250,058 into equity within eight
months from the date of approval of the provisional
authority.
“In
compliance thereto, DCI converted the said advances by
amortizing the same to additional paid-in-capital under
stockholders’ equity over a period of eight months from
January to August 2008,” said Digitel and DCI in a
filing with the NTC.
At
end-2006, DCI said it had a debt-to-equity ratio of
86.38 percent:13.62 percent. Its total assets during the
period stood at P693,269,63; liabilities at
P598,851,726; and stockholders’ equity at P94,417,914.
In a
submission to the NTC last week, DCI’s total
stockholders” equity as of end-August this year stood at
387,420,671.
Under
the deed of assignment signed by both parties, Digitel
also assigns and transfers all the rights and privileges
as well as all its debts and obligations related to the
operation and maintenance of the international cable
landing station to DCI.
Digitel
is a grantee of a certificate of public convenience and
necessity to install, operate and maintain an
international cable landing station in Timalan, Naic,
Cavite, with transmission network linking the cable
station to its telehouse in Makati City. |
