MANILA, Philippines—San Miguel Corp. will make an offer to buy out other minority shareholders in dormant Liberty Telecom Holdings Inc., which it plans to use as its vehicle for its foray into the highly-competitive telecommunications business.
"We will not avoid a tender offer in Liberty," San Miguel president Ramon Ang told reporters Thursday. "It's just a small amount."
This is in reaction to concerns from some brokers that the recent buy-in structure approved by its board of directors may have been meant to circumvent a requirement to make a tender offer to minority shareholders.
The San Miguel board recently approved the purchase of approximately 32.7 percent of Liberty from existing stockholders for an estimated amount of P2.2 billion and pursue the acquisition of the balance of the investment in coordination with its joint venture partner Qatar Telecom QSC (Q-Tel).
Qtel, the sole telecommunications provider in Qatar, has earlier acquired a 27.12-percent stake in LTHI through subsidiary wi-Tribe Asia Ltd.
San Miguel eyes dormant telecom firm
By Doris Dumlao
Philippine Daily Inquirer
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