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PLDT plans to reduce foreign stake
10 January 2012
Philippines operator to issue new voting shares to reduce foreign-controlled stake
Philippine operator PLDT is planning to reduce the foreign stake in the company. It will hold a special meeting for its shareholders on March 22 to decide on issuing new voting shares along with non-voting shares.
The new voting preferred shares are likely to reduce the voting interests of foreign shareholders to around 36%, from 64% currently.
According to the Manila Times, the company’s board plans to create 150 million voting preferred shares with P1 par value as well as 807.5 million shares of non-voting serial preferred stock with P10 par value and is seeking stockholder approval for the proposal.
The high court of the Philippines asked the country’s Securities and Exchange Commission to probe whether PLDT breached a provision limiting foreign control of public entities to 40%. PLDT’s foreign shareholders include Hong Kong’s First Pacific and Japan’s NTT. GTB
Further reading from Global Telecoms Business:
PLDT expects $23m from 3G divestment 04 Dec 2011
NTT DoCoMo reacquires 20% share in PLDT 28 Nov 2011
PLDT to sells assets to win Digitel deal 19 Oct 2011
PLDT plans fibre network enhancement 14 Sep 2011