SUMMARY
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In an unprecedented move Monday, San Miguel Corporation sells its telecommunications assets to the country’s two major telco companies: Philippine Long Distance Telephone Company and Globe Telecom. PLDT Chairman Manny Pangilinan says SMC wanted to divest from the telco business while the telco giants were keen on acquiring it. The deal gives the two telcos access to more radio frequencies but also involve returning frequencies to the government that will allow a 3rd player to enter the market. Globe President and CEO Ernest Cu says the move is in line with president-elect Rody Duterte’s plans. PLDT shares climb by 6.54% while Globe shares increase 5.58%.
Read more on the SMC divestment of telco assets
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