SMC to pursue telecom business even without a foreign partner

San Miguel Corporation, through Vega Telecom, Inc., will push through with its plans to create a strong presence in the telecommunications industry even if it does not have a foreign partner.

“We will do it ourselves,” said SMC President Ramon S. Ang in an interview.

However, Ang said there are actually many interested in teaming up with SMC for its telecommunications venture although they have yet to choose a new partner.

He explained that “we are not really in a hurry to get a new partner. We have not set a timeline for this business.”

SMC’s partner Qatar Telecom has recently sold its stake in Liberty Telecom Holdings, Inc. to Vega Telecom. Ang said Qtel has been looking for an exit because it has already waited too long for them to get the necessary frequencies to expand their presence in the local telecommunications scene.

Thus Vega Telecom acquired 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.

The acquisition consists of 426.8 million common shares and 2.91 billion preferred shares of Liberty Telecoms representing approximately 51.01 percent of the total issued and outstanding capital stock of LTHI.

The transaction triggers the mandatory tender offer requirement under the Securities Regulation Code and accordingly, the Vega Telecom will be making a tender offer for the remaining 223.15 million common shares of LTHI, representing approximately 17.25 percent of its total issued and outstanding common stock.

“The terms of the tender offer shall be announced separately on the date of the commencement of the tender offer,” SMC said.