San Miguel buys Petron, enters telecoms venture
CHERYL M. ARCIBAL, GMANews.TV
12/08/2008 | 07:14 PM
MANILA, Philippines - San Miguel Corp., Southeast Asia’s largest food and beverage company, went on a buying spree on Monday, announcing its plans to acquire a substantial stake in Petron Corp. and a telecommunications partnership with a Qatari company.
San Miguel said it has reached an agreement to buy 50.1-percent stake of London-incorporated investment fund Ashmore Investment Management Ltd. in Petron, the Philippines’ largest oil refiner.
No other details were disclosed.
The company also disclosed that it has partnered with Qatar Telecom to “look into opportunities in the wireless broadband, mobile and mobile broadband businesses in the Philippines."
“San Miguel believes that the Filipino consumer will be the ultimate beneficiary of its intended investments since customers will now have access to a reliable service provider offering affordable high-speed wireless broadband and communication solutions," the company said.
QTel is an integrated Telecommunications player based in Qatar, operating either GSM or WiMax Services in 16 countries with a population coverage of 550 million, and a subscriber base of 55million. It is controlled by the State of Qatar.
QTel envisions itself to be among the Top 20 telecom companies in the world. It recently completed acquisition of the second largest Mobile operator in Indonesia for $1.8 billion.
Through its Wi-Tribe brand, the company has successfully introduced High Speed Broadband wireless (WiMax) services in a number of emerging markets.
The local market was rife with rumors that San Miguel will be buying a stake in Bayan Telecommunications Inc., which has posted P2.57-billion losses for the first nine months of the year, as its vehicle to enter the local telecommunications industry.
Next: San Miguel’s diversification gets mixed reactions
San Miguel said it has reached an agreement to buy 50.1-percent stake of London-incorporated investment fund Ashmore Investment Management Ltd. in Petron, the Philippines’ largest oil refiner.
No other details were disclosed.
The company also disclosed that it has partnered with Qatar Telecom to “look into opportunities in the wireless broadband, mobile and mobile broadband businesses in the Philippines."
“San Miguel believes that the Filipino consumer will be the ultimate beneficiary of its intended investments since customers will now have access to a reliable service provider offering affordable high-speed wireless broadband and communication solutions," the company said.
QTel is an integrated Telecommunications player based in Qatar, operating either GSM or WiMax Services in 16 countries with a population coverage of 550 million, and a subscriber base of 55million. It is controlled by the State of Qatar.
QTel envisions itself to be among the Top 20 telecom companies in the world. It recently completed acquisition of the second largest Mobile operator in Indonesia for $1.8 billion.
Through its Wi-Tribe brand, the company has successfully introduced High Speed Broadband wireless (WiMax) services in a number of emerging markets.
The local market was rife with rumors that San Miguel will be buying a stake in Bayan Telecommunications Inc., which has posted P2.57-billion losses for the first nine months of the year, as its vehicle to enter the local telecommunications industry.
Next: San Miguel’s diversification gets mixed reactions
