Asian food giant San Miguel Corp. (SMC) said yesterday it had acquired a substantial stake in a local telecommunications firm as part of a planned foray into the business with joint venture partner Qatar Telecom.
An SMC unit, Vega Telecom Inc., bought a 32.7 percent stake in Liberty Telecommunications Holdings Inc. for P1.882 billion in cash from existing shareholders, it said in a statement to the Philippine Stock Exchange.
Beer-based SMC, one of the country’s largest companies, earlier announced it planned to acquire a 49-percent stake in Liberty.
The acquisition of the balance would be pursued in coordination with Qatar Telecom, it added.
SMC and Qatar Telecom entered into a joint venture in December 2008 to provide broadband and mobile telecommunication services in the Philippines.
SMC is involved in beer, beverages, liquor, dairy products and food processing, but has been branching out into heavy industries. AFP