• Liberty Telecoms files delisting update


    LIBERTY Telecoms Holdings Inc. (LIB) appears set for delisting following completion of the recent tender offer conducted by Vega Telecom Inc., a wholly owned unit of conglomerate San Miguel Corporation (SMC).

    In a disclosure to the Philippine Stock Exchange, Liberty Telecoms said that following the completion of the tender offer conducted by Vega Telecom, 57.27 million shares or 4.43 percent of the company’s outstanding common shares were tendered and accepted for tender.

    Based on the previously agreed tender price of P2.20 per share, Vega Telecom Inc. acquired a 4.43 percent stake in Liberty Telecoms for P125.3 million.

    This transaction is on top of the two previous tender offers the company conducted with Vega, which involved 223.155 million shares or 17.25 percent of the total issued and outstanding common stock of Liberty, as well as the earlier 3.33 billion common and preferred shares amounting to 51.01 percent.

    Liberty Telecoms told the PSE that “the Board of Directors of the Company has not passed any resolution pertaining to the voluntary delisting of LIB common shares considering that the public ownership of the Company remains within the minimum public ownership requirement of the Exchange.”

    It added that it “has not received any advice from Vega on the possible conversion of its advances into common equity, which may result in the percentage of public ownership falling below the minimum 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’s entry into Liberty is a part of its expansion plans, including the recent buyout of
    Express Telecommunications Inc. and investments in High Frequency Telecommunications Inc.

    Vega now holds a controlling majority stake of 72.69 percent in Liberty Telecoms.

    Liberty Telecoms is a homegrown telecommunications firm operating Wi-Tribe. WTI’s revenues are derived primarily from postpaid and prepaid WIMAX broadband subscription fees.

    Currently covering Metro Manila and parts of Rizal, Bulacan, Pampanga, Cavite, and Laguna, WTI is offering pure 4G internet to consumers and corporate markets though consumer products and corporate solutions.


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