Solar, one of the country’s top movie producers and leading distributor of international films, outbidded the group of David Lim and Destiny Satellite Corp. of Elena Lim in a public bidding conducted by the Asset Privatization Trust (APT) last Nov. 10, 2000.
David said Solar Entertainment submitted the highest bid of P42 million to acquire the assets, equipment and franchise of Domsat. Solar topped the P20-million bid of the group of David Lim and the P28-million offer of Destiny Satellite.
He said the bidding results were subsequently affirmed by the Cabinet-level Committee on Privatization, headed by Secretary Jose Pardo.
Solar’s acquisition of Domsat solidifies its grip of the fast-growing cable television market as well as its ambitious foray into the telecommunication sector, David said, adding that Solar operates a cable channel with over 700,000 viewers.
The company thus took control of Domsat’s 10 earth stations located in 10 strategic areas throughout the country. Its main satellite station is located in Barangay Sta. Cruz, Antipolo City.