Image via WikipediaDiversifying giant San Miguel Corporation is completing its acquisition of Roberto V. Ongpin-controlled ISM Communications Corporation’s 77 percent stake in Eastern Telecommunications Philippines Inc.
In a disclosure to the Philippine Stock Exchange, SMC said its wholly-owned subsidiary San Miguel Equity Securities Inc. has executed a share purchase agreement with ISM for the purchase of 37.7 percent of ETPI.
The purchase was authorized by the SMC board of directors during its meetings held on December 16, 2010 and September 22, 2011.
SMC had earlier acquired a 40 percent stake in ETPI from ISM through wholly-owned unit Vega Telecom Inc.
Vega has executed a Share Purchase Agreement with ISM last December 30 for the purchase by Vega of 100 percent of the outstanding and issued shares of stock of A. G. N. Philippines, Inc. (AGNP).
AGNP is the registered and beneficial owner of approximately 40 percent of Eastern Telecom. SMC said the acquisition of AGNP was authorized by its Board of Directors during its meeting held on December 16, 2010.
ISM president Eric Recto said earlier that SMC is in talks with his company for the sale of the ISM’s entire 77-percent stake in Eastern Telecoms.
For his part, Eastern Telecoms head for marketing and business development Edwin Domingo said the company plans to create a synergy with SMC-led Liberty Telecom Holdings Inc.
Later on, ETPI, Express Telecommunications Inc. and Liberty may be folded into one company. “It could be like a San Miguel telecom company,” Domingo said.
In the meantime, Domingo said ETPI is helping Liberty set up parts of the Liberty’s infrastructure.
http://mb.com.ph/articles/338493/smc-complete-purchase-77-etpi-ongpin
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