Vega Telecom submits Wi-Tribe tender offer

Vega Telecom, the Filipino company jointly acquired from San Miguel Corp (SMC) by local telecoms giants Philippine Long Distance Telephone Company (PLDT) and Globe Telecom, has submitted a voluntary tender offer for the outstanding common shares in Liberty Telecoms Holdings Inc. (LTHI, trading as Wi-Tribe Telecoms), ahead of an anticipated stock market delisting of the smaller firm later this year. Vega Telecom reports that its board of directors has approved the offer for some 165.883 million common shares held by minority shareholders. LTHI is the only subsidiary of Vega Telecom listed on the local bourse, under whose rules the latter – as the beneficial owner of around 97.46% of the total issued and outstanding capital stock of LTHI – is allowed to conduct a voluntary tender offer to other shareholders.