It looks like San Miguel has decided to finally cash in their chips in the telco game.
Despite multiple pronouncements that they would enter the highly competitive telecommunications industry as a strong third player, San Miguel has instead decided to sell all of their telco assets, including the highly coveted 700MHZ spectrum, to the PLDT Group and Globe. The deal is reportedly worth $1-B and it would see San Miguel completely letting go of all of their investments in telecommunications.
According to a report on Inquirer:
SMC’s telco investments were made years ago and are mainly held under unlisted Vega Telecom Inc., its annual report showed. Vega is the holding company for publicly traded Liberty Telecoms Holdings Inc., which holds most of the 700MHz along with High Frequency Telecommunications Inc., as well as Bell Telecommunication Philippines Inc. and Eastern Telecommunications Philippines Inc.
There is a press briefing scheduled this morning and we will be attending to cover it. Stay tuned to this space for more developments.