San Miguel Ends Plan to Enter Telco Sector, Sells Assets to PLDT and Globe

Philippine Long Distance Telephone Co. (PLDT) and Globe Telecom will jointly buy out the telecommunications assets of San Miguel Corporation. San Miguel had been hard pressed to raise the debt component of investment necessary for a startup telecommunications venture, as banks required the firm to have a foreign technical partner as a precondition for the loan. Its assets include high-band frequencies and the coveted 700 Megahertz

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