MANILA, May 30 (Reuters) - Philippine conglomerate San Miguel Corp SMC.PS will use the proceeds from the sale of its telecom assets to PLDT TEL.PS and Globe Telecom GLO.PS to finance power and infrastructure projects, the company said in a statement.
San Miguel also said it expects to fully recover what it has invested over the past six years building its telecoms network. It previously worked with Qatar Telecom (now Ooredoo QSC ORDS.QA ) for the wireless and fixed line broadband service.
PLDT and Globe will each acquire 50 percent of the San Miguel telecoms business just a few months after San Miguel's attempts to seal a joint venture with Australia's Telstra Corp Ltd TLS.AX collapsed. The deal is subject to shareholder and regulatory approvals. obvious commercial and legal risks of pursuing the venture alone far outweighed the potential rewards for the company and its stakeholders," San Miguel said.