San Miguel hikes stake in Liberty Telecom

Posted at 11/05/2010 1:27 PM | Updated as of 11/05/2010 6:33 PM

MANILA, Philippines - Diversifying conglomerate San Miguel Corp. (SMC) has beefed up its interest in Liberty Telecoms Holdings Inc. to 41.48%.

The company, through wholly-owned subsidiary Vega Telecom Inc., bought last month 64.58 million common shares in Liberty at P3.40 per share.

At-end October, SMC held a total of 1,231,652,406 shares in the phone firm, equivalent to a 41.48% stake.

SMC bought 587.95 million Liberty shares in May, then 579.11 million more in July.

The conglomerate had disclosed that it would buy up to 49% of the telco.

SMC's partner in Liberty, Qatar Telecom QSC, also plans to hike its stake in the company to up to the constitutional limit of 40%.

Liberty is currently under corporate rehabilitation.