Philippine conglomerate San Miguel has bought a 40% stake in Eastern Telecommunications Philippines, according to a notice to the Philippine Stock Exchange.
The company explained that its wholly owned subsidiary Vega Telecom signed a purchase deal with…
Philippine conglomerate San Miguel has bought a 40% stake in Eastern Telecommunications Philippines, according to a notice to the Philippine Stock Exchange.
The company explained that its wholly owned subsidiary Vega Telecom signed a purchase deal with ISM Communications to acquire 100% of A.G.N. Philippines, which owns 40% of Eastern Telecom.
No financial details were released, and the company could not be reached for comment before going to press.
In recent months, San Miguel, the Philippines’ largest food, beverage and packaging company, has expanded its presence in the telecom sector.
Back in November, the conglomerate increased its stake in local telco Liberty Telecom from 33% to 41.48%, via Vega Telecom.
Before that, in August, it bought Bell Telecommunication Philippines for an undisclosed sum.
