Ramon Ang eyes investing in IBC-13

Metro Manila (CNN Philippines) — San Miguel Corporation (SMC) President and Chief Operating Officer (COO) Ramon Ang said he is personally looking into investing in the sequestered television network IBC-13, which the government plans to auction off next month.

SMC also hopes to kick off its telecommunication venture within the year after it ended talks with Australian telco giant Telstra.

"If you remember, in GMA-7 it is on my personal capacity so it is not San Miguel. I will also take a look at it personally," Ang said.

"We hope to provide service within this year, but we want to make sure that the quality of service is good before we switch on."

Diversified conglomerate SMC continued to attract investors as its shares are twice oversubscribed during a listing at the Philippine Stock Exchange (PSE).

Ang said investors who took up the P30 billion share offer indicated their support for the company's various activities and projects.

Half of the proceeds will finance the company's investments in infrastructure, such as tollway projects, power facilities, and oil refinery operations in Bataan.

"Today, more than ever, San Miguel is in the best position to take advantage of many opportunities that our growing economy presents."