SMC’s Liberty unit converts Wi-Tribe cash into equity

23 Oct 2013

Liberty Telecoms Holdings, owned by Filipino conglomerate San Miguel Corp (SMC), says that PHP7.6 billion (USD176.4 million) of cash advances made to its 100%-owned subsidiary Wi-Tribe Telecoms (WTI) have been converted into equity. In a statement to the Philippine Stock Exchange, Liberty telecoms said the move had been approved by its parent group, with corporate communications officer Catherine Laurel-Carpio, noting: ‘This conversion is expected to address the capital deficiency of WTI, and bring its stockholders’ equity from negative to positive’. Liberty Telecoms Holdings is a joint venture of SMC and Ooredoo of Qatar. Along with WTI, the firm also owns 100% of Skyphone Logistics Inc, in the Philippines.