"This quarter marks the transition in Piltel's transformation from being a cellular operator to a holding company whose primary asset and source of income will be its 20-percent holding in the Manila Electric Co. (Meralco). We look forward to working together with Meralco in creating synergies that will add value to all shareholders," Piltel president and CEO Napoleon Nazareno said. Effective last Aug. 17, Piltel's cellular assets, subscriber base and Talk 'N Text trademark were sold and transferred to Smart, resulting in a one-time net gain of P7.6 billion.