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MANILA, Philippines – The country’s biggest conglomerate is still keen on bidding for two state-owned media assets owned should these be put up for privatization.
San Miguel Corp confirmed to the stock exchange on Monday, Dec. 26, 2011, that its president Ramon Ang’s comments to reporters on the group’s interest on television stations RPN-9 and IBC-13 is accurate.
Then facing a widening budget deficit, the government added the two stations in assets it was eyeing to sell some three years ago.
This 2011, the deficit is lower than usual as government delayed spending on crucial infrastructure, like roads and train systems, as it pursued basic governance concerns in these projects.
San Miguel has been one of the most active homegrown companies snapping business opportunities auctioned off by the government. It has been diversifying away from its core food and drinks business and into high-growth and potentially profitable heavy industries.
Another conglomerate, Metro Pacific Investments Corp. (MPIC), has also been eyeing these state-owned assets, sometimes going head-to-head with San Miguel.
MPIC’s chair Manuel V. Pangilinan, however, has previously said that they are not interested anymore in additional media assets, including RPN-9 and IBC-13, as new broadcast technologies allow their group to make the most of existing frequencies.
Watch Pangilinan’s previous comments on the state-owned assets here:
The Pangilinan-led conglomerate controls ABC Development Corp, also known as TV-5, the third largest media broadcast firm next to giants ABS-CBN and GMA-7. – Rappler.com