Liberty Telecoms files update on delisting process

8 Oct 2015

The Manila Times reports that Liberty Telecoms Holdings appears poised for delisting following completion of the recent tender offer conducted by Vega Telecom, a wholly owned unit of diversified conglomerate San Miguel Corporation (SMC). In a stock market filing, Liberty Telecoms confirmed that following the completion of the tender offer conducted by Vega Telecom, 57.27 million shares or 4.43% of the company’s outstanding common shares were tendered and accepted for tender. Based on the pre-agreed price, the value of the transaction is approximately PHP125.3 million (USD2.7 million) and comes on top of two previous tender offers for the company carried out by Vega (involving stakes of 17.25% and 51.01%, respectively). Liberty Telecoms told the local bourse in its filing that: ‘The Board of Directors of the Company has not passed any resolution pertaining to the voluntary delisting of … common shares considering that the public ownership of the Company remains within the minimum public ownership requirement of the Exchange.’

According to Liberty Telecoms: ‘The Company shall make the necessary disclosures in the event that the Board of Directors passes a resolution to apply for voluntary delisting and/or in the event that the percentage of public ownership would fall below the minimum required as a consequence of the conversion by Vega of its advances into common equity.’

Vega now holds a direct controlling stake of 72.69% in Liberty Telecoms which has two subsidiaries, WiMAX provider Wi-Tribe Telecoms and Skyphone Logistics. Currently covering Metro Manila and parts of Rizal, Bulacan, Pampanga, Cavite, and Laguna, Wi-Tribe is offering pure 4G internet access to consumers and corporate users though a range of tailored products and solutions.

Philippines