Australia’s telco giant in talks to enter Philippine market

Australian telecommunications giant Telstra is in talks with San Miguel Corporation (SMC) for a possible joint venture in telecommunications business. “We note recent speculation concerning Telstra considering an investment in a wireless joint venture in the Philippines with San Miguel and that financing is being sought in relation to that joint venture,” Telstra said in a letter to the Australia Stock Exchange August 28.

“However, no agreements have been reached in relation to these matters and there is no certainty that this will occur,” Telstra chief executive Andy Penn said.

The disclosure of Telstra to Australia Stock Exchange was followed by San Miguel Corporation’s confirmation to Philippine Stocks Exchange September 1.

“We advise that the Company (SMC) is in talks with Telstra Corp., Ltd. (Telstra), for a possible partnership in telecommunications business in the country,” SMC Corporate Information Officer Ferdinand Constantino said in a letter to Philippine Stocks Exchange.

“An appropriate disclosure shall be made in the event a definitive agreement is reached and concluded by the Company (SMC) and Telstra,” Constantino added.