Food and beverage conglomerate San Miguel Corp. is to buy a 49-percent stake in Liberty Telecommunications, it was reported Friday.

The company will buy a 32.7 percent stake for $46.5 million from existing shareholders of Manila-listed Liberty, Dow Jones Newswires reported.

It said San Miguel will "pursue the acquisition of the balance of the investment in coordination with its joint venture partner Qatar Telecom QSC."

San Miguel has been actively diversifying its portfolio away from food and beverage and is looking at strategic infrastructure investments.

The company recently made investments in power distribution firm Manila Electric Co. and oil refiner Petron Corp.