Philippine conglomerate JG Summit has agreed to sell some 4.56 million PLDT shares to Japan’s NTT Docomo for PhP11.4bn (US$262m).
This transaction is part of the deal that saw PLDT acquire local mobile operator Digitel for US$1.6bn in November….
Philippine conglomerate JG Summit has agreed to sell some 4.56 million PLDT shares to Japan’s NTT Docomo for PhP11.4bn (US$262m).
This transaction is part of the deal that saw PLDT acquire local mobile operator Digitel for US$1.6bn in November.
At that time, JG Summit agreed to swap its majority stake in Digitel for shares in PLDT, giving the conglomerate a 12.9% stake in PLDT.
Now, JG Summit is selling some of those shares to NTT Docomo, which already owns a stake in PLDT. JG Summit also sold 5.8 million shares to Hong Kong-based First Pacific, another shareholder in PLDT.
Following both sales, the Philippine conglomerate will be left with 17.14 million PLDT shares, representing an 8% stake in the company.
