MANILA, Philippines – The peso exchange rate stands at P43.84 to the US dollar, the closing rate on Dec. 30, the last trading day of 2010 at the Philippine Dealing & Exchange Corp. (PDEx). The weighted average rate stands at P43.811.

S.M.C. buys 40% of Eastern Telecoms

Diversifying giant San Miguel Corporation, through Vega Telecom, Inc., has acquired a 40 percent stake in Eastern Telecommunications Philippines Inc. from Roberto V. Ongpin-controlled ISM Communications Corporation. In a disclosure to the Philippine Stock Exchange, SMC said Vega has executed a Share Purchase Agreement with ISM last December 30 for the purchase by Vega of 100 percent of the outstanding and issued shares of stock of A. G. N. Philippines, Inc. (AGNP). AGNP is the registered and beneficial owner of approximately 40 percent of Eastern Telecom. SMC said the acquisition of AGNP was authorized by its Board of Directors during its meeting held on December 16, 2010. ISM president Eric Recto said earlier that SMC is in talks with his company for the sale of the ISM’s entire 77 percent stake in Eastern Telecoms. For his part, Eastern Telecoms head for marketing and business development Edwin Domingo said the company plans to create a synergy with SMC-led Liberty Telecom Holdings Inc. Later on, ETPI, Express Telecommunications Inc. and Liberty may be folded into one company. “It could be like a San Miguel telecom company,” Domingo said. In the meantime, Domingo said ETPI is helping Liberty set up parts of the Liberty’s infrastructure. “We are providing infrastructure for Liberty as far as wired corporate and broadband is concerned,” Domingo said. Liberty is now focused on rolling out Internet broadband and Worldwide Interoperability for Microwave Access, or WiMAX, to bring it back to profitability. It is 40-percent owned by Vega Telecom, SMC’s telco unit. (JAL)

P.S.E. OFFERS PRESIDENCY TO SICAT

The Philippine Stock Exchange (PSE) has offered Chairman Hans Sicat the post of president, seeking to fill the position for the second time in a year. Sicat has been a stock exchange director since 2009. He has led the bourse since Val Suarez quit as president last month after the Securities and Exchange Commission said his marriage to the head of JPMorgan Chase & Co.’s local brokerage violated conflict-of-interest rules. “The option was given to him,” Director Alejandro Yu said in a phone interview. “He is very qualified and has no restrictions.” Sicat confirmed the offer in a mobile phone text message and said that no conclusion has been reached over the discussion. Sicat is president and chief executive officer of LegisPro Corp., a provider of business services for companies, which he co-founded in 2008. (Bloomberg)