San Miguel still keen on IBC-13, RPN-9

MANILA, Philippines - San Miguel Corp. remains interested in IBC-13 and RPN-9 and will surely be among the bidders when these two television stations are put on the auction block.

“If these two stations will be bid out, we will join,” said Ramon S. Ang, president of San Miguel.

The government has been trying to sell the two assets for years but has had difficulty getting a good price.

In March, the Presidential Commission on Good Government (PCGG) announced that it was preparing to sell the two TV stations anew through a competitive bidding.

IBC-13’s assets and franchise were earlier valued at P1.2 billion while RPN-9’s franchise was estimated at P800 million.   

Ang said San Miguel would participate in all public biddings for privatization that shall be conducted by the government.

San Miguel, a dominant player in the food and beverage business for decades, has diversified into oil refining, power, telecommunications, mining and infrastructure to spur faster growth.

The government used to own 86 percent of RPN 9 but this was reduced to 20.8 percent following the conversion into equity of the advances made by Solar Entertainment and a Supreme Court decision awarding a portion of the network to Far East Managers & Investors Inc., which is affiliated with the estate of the late Amb. Roberto Benedicto.

IBC 13, on the other hand, had entered into a joint venture with Prime Realty, an affiliate of R-II Builders Group of businessman Reghis Romero Jr.

The agreement calls for the development of 3.5 hectares of IBC-13’s Broadcast City. The project is valued at P780 million, P280 million of which had been used up to settle employees’ claims.