By Leslie D. Venzon
MANILA, July 14 (PNA) — Diversified conglomerate San Miguel Corp. (SMC) is further expanding its telecommunications portfolio with the acquisition of stakes in three companies.
In a disclosure to the Philippine Stock Exchange, SMC said its board confirmed the acquisition by its subsidiary Vega Telecoms, Inc. (Vega) of Express Telecommunications, Inc. and its investment in High Frequency Telecommunications, Inc.
It also authorized Vega to acquire the entire interest and participation of Qtel West Bay Holdings S.P.C., Wi-tribe Asia Limited and White Dawn Solution Holdings, Inc. in Liberty Telecom Holdings, Inc. (LTHI).
“In compliance with the Securities Regulation Code, Vega will conduct a tender offer of the common shares of LTHI held by the public,” SMC said in another disclosure.
The conglomerate said that Vega’s purchase of the shares of the Qtel West Bay, Wi-tribe Asia Limited and White Dawn Solution in LTHI shall be subject to closing conditions, inclusive of the completion of the tender offer. (PNA)