Philippines-based conglomerate San Miguel Corp (SMC) has increased its stake in local telco Liberty Telecoms from 33% to 41.48%.
According to a stock market statement, Vega Telecom, a subsidiary of SMC, acquired an additional 64.58 million common shares…
Philippines-based conglomerate San Miguel Corp (SMC) has increased its stake in local telco Liberty Telecoms from 33% to 41.48%.
According to a stock market statement, Vega Telecom, a subsidiary of SMC, acquired an additional 64.58 million common shares in the company at PhP 3.40 each (US$0.079), boosting its interest in the company. SMC bought 587.95 million Liberty shares in May, then 579.11 million more in July. The company had previously said it would buy up to 49% of the telco, according to reports.
SMC’s partner in Liberty, Qatar Telecom (QTel), also plans to up its stake in the company to the constitutional limit of 40%.
A few weeks ago, QTel’s chairman, Sheikh Abdullah Bin Saud Al-Thani, told a conference that QTel was committed to its investments in the Southeast Asian country and was seeking to expand its presence in Asia. The company currently holds 32.7% of Liberty.
Liberty, which was a dormant listed firm prior to QTel and San Miguel’s investment last year, focuses on wireless broadband services. It has a market value of nearly US$110m.
Liberty Telecom, via its Wi-Tribe brand, launched its 4G broadband service in February, hoping to capture market share in the sector. Broadband subscribers comprise only around 3 million of the country’s 94 million inhabitants.
