SMC to set up telecoms holding company

Filipino diversified conglomerate San Miguel Corp (SMC) has revealed it is looking to set up a holding company for all its telecommunications assets in the country, ahead of its entry into the nation’s hotly contested telecoms market. Local newspaper The Philippine Star quotes SMC’s president and chief operating office Ramon S Ang as confirming the group’s intentions, in the wake of its recent investments in the industry. SMC has spent PHP9 billion (USD209 million) in the local market – most recently, in February it acquired a 40% stake in Eastern Telecommunications Philippines Inc (ETPI) from AGN Philippines (via ISM Communications Corp) – and now plans to spend additional CAPEX to build a next generation network offering the ‘cheapest rates’ in the country. Alongside ETPI, SMC also owns 41.5% of Liberty Telecom and 100% of Bell Telecom.