San Miguel shows its bottle in USD35m telecoms deal

Philippine conglomerate San Miguel Corp has agreed to buy around 38% of corporate-focused telecoms service provider Eastern Telecommunications Philippines Inc from ISM Communications Corp for USD35 million, raising San Miguel’s holding in the company to approximately 78%. Reuters reports that ISM, owned by San Miguel director Roberto Ongpin, previously sold a 40% stake in the broadband operator to Vega Telecom, part of San Miguel, in December 2010. The conglomerate, traditionally focused on the beverage and food sector, has been aggressively expanding in other segments lately, and holds stakes in Philippines-based WiMAX broadband operator Liberty Telecommunications Holdings and Bell Telecommunications Philippines.