Ooredoo sells wi-tribe Philippines' Stake to San Miguel

Ooredoo announced the sale of its entire stake in Liberty Telecommunications Holdings, to Vega, a subsidiary of the San Miguel Corporation and a major stockholder of Liberty.

Ooredoo acquired a 40% shareholding in Liberty in 2008 to develop a WiMAX business in the Philippines. As Ooredoo is now focusing on its core business, it has decided to sell its stake in the business to San Miguel.

All parties are proceeding with finalising the transaction and fulfilling the necessary regulatory approvals.