APC shares hit the roof on speculations SM Group may vie for third telco slot
Shares of APC Group Inc. which owns more than two-thirds of Philippine Global Communications Inc., hit the highest single-day limit Monday, rising by 50 percent.
The stock closed at its peak of 66 centavos per share from 44 centavos on speculations the family of bilyonaryo Henry Sy will join the third telco race through Philcom, which has a congressional franchise to operate telco facilities and services until 2037.
ANC reported that the Department of Information and Communication Technology had invited Philcom to bid for the third slot in the telco sector.
The Sy family, which controls APC Group, is shaping up to be a contender for the third telco slot given its extremely deep pockets which could challenge the duopoly of PLDT Inc. and Globe Telecoms.
Interested bidders should have a net worth of at least P10 billion or provide proof they could raise this amount. They must also be 60 percent Filipino-owned and not a related party to any group with at least 40 percent market share in both the mobile and broadband wireless segments.
Over 66.11 million APC shares worth P41.54 million changed hands today.
Cash-strapped Philcom offers internet services with an option to avail IPTV channels for SM tenants, voice solutions that provide connection to domestic and international long distance traffic, and data solutions that offer dedicated lines using digital technology to enable point-to-point connection that caters to domestic and international requirements of companies.