SMC eyes Ongpin’s 37% stake in ETPI
San Miguel Corp. may acquire the Ongpin group’s remaining interest in Eastern Telecommunications Philippines Inc. (ETPI), as it positions itself to compete in the crowded but lucrative industry.
SMC president and COO Ramon S. Ang said Tuesday the company planned to buy the 37-percent stake of ISM Communications, owned by businessman Roberto V. Ongpin, in ETPI.
ISM last week approved the possible sale of its remaining stake in ETPI, valued at about P1.2 billion, to raise funds for investment in other industries.
The par value of these shares was computed based on the price SMC paid when it bought ETPI shares from the Ongpin group earlier this year.
SMC’s current 40-percent interest in ETPI was bought by subsidiary Vega Telecom early this year for P1.6 billion.
ETPI is the third telco to be acquired by SMC after Liberty Telecommunications Holdings Inc. and Bell Telecommunications Inc.
SMC is bent on becoming a major player in the country’s telecommunications sector.—Paolo G. Montecillo
