MANILA — Local telecommunications giant PLDT Inc. has divested part of its shares on German-based Internet company Rocket Internet. to help finance its capital expenditures for the year.
In its disclosure to the Philippine Stock Exchange (PSE) Monday, PLDT announced that its subsidiary PLDT Online Investments Pte. Ltd. has accepted the offer of Rocket Internet to purchase at least 6.8 million shares or approximately 67.4 percent of the total number of Rocket shares directly held by the company.
“Rocket earlier announced the buyback of up to 15,472,912 Rocket shares through a public share purchase offer against payment of an offer price in the amount of EUR 24 per share,” PLDT said.
The final number of PLDT Online tendered shares accepted by Rocket will be determined after the offer period which is expected to end on May 2, 2018. “If greater than 15,472,912 Rocket shares are tendered, the Rocket shares to be sold by PLDT Online will be reduced proportionally,” it added.
PLDT currently has a 6.1 percent ownership stake in Rocket. The telco bought 10 percent of Rocket Internet for 333 million euros or USD 445 million.
PLDT has earlier said that it plans to divest part of its shares in Rocket to partly fund its capital expenditures (capex) for 2018.
“To supplement funding requirements this year, we are considering selling part of our stake in Rocket Internet subject to certain parameters and market conditions,” according to the company.
PLDT has earmarked PHP 58 billion in capex for this year to further expand its mobile and broadband networks.