Philippine conglomerate San Miguel Corporation announced today that its wholly-owned subsidiary Vega Telecom has taken control of Bell Telecommunication Philippines (BellTel).
The acquisition was made through the purchase of new shares in three local…
Philippine conglomerate San Miguel Corporation announced today that its wholly-owned subsidiary Vega Telecom has taken control of Bell Telecommunication Philippines (BellTel).
The acquisition was made through the purchase of new shares in three local firms, Two Cassandra-CCI Conglomerates (TCCI), Perchpoint Holdings (PHC) and Power Smart Capital (PSCL), that together own 100% of the telco company, San Miguel said in a filing with the Philippine Stock Exchange.
“Through such subscriptions, Vega shall own up to 75% of the outstanding capital stock of the said corporations,” San Miguel chief financial officer Ferdinand Constantino explained in the filing. He did not disclose how much the company spent.
Last February, TelecomFinance reported that the National Telecommunications Commission (NTC), the Philippine telecoms regulator, had agreed to the transfer of ownership of BellTel to TCCI. At the time, it was reported that TCCI would inject US$80m into the telecom company to expand its network.
San Miguel, the largest food, beverage and packaging company in the Philippines, is aiming to diversify its business by focusing on energy, infrastructure and telecom sectors, according to media reports.
San Miguel and BellTel could not be reached for comment.
