The food and drink conglomerate San Miguel Corporation has implemented a share purchase agreement to acquire a 37.7% stake in the Filipino telco Eastern Telecommunications from local holding company ISM Communications.
The news was announced in a brief…
The food and drink conglomerate San Miguel Corporation has implemented a share purchase agreement to acquire a 37.7% stake in the Filipino telco Eastern Telecommunications from local holding company ISM Communications.
The news was announced in a brief letter to the Philippines Stock Exchange by San Miguel’s Chief Information Officer, Ferdinand Constantino.
Constantino said that the acquisition would be carried out by San Miguel’s subsidiary, San Miguel Equity Securities.
He added that the acquisition had been agreed by San Miguel’s directors at meetings held in December 2010 and in September this year.
In December 2010, San Miguel’s subsidiary Vega Telecom acquired 40% of ISM’s stake in the Filipino telco Eastern Telecommunications. This left ISM with a 38% stake in the company.
