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

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.