First Pacific looks to consolidate PLDT stake

25 Jan 2006

Hong Kong-based conglomerate First Pacific Company Ltd is looking to up its stake in Philippine Long Distance Telephone (PLDT) to ensure it retains overall control of the business after NTT DoCoMo takes up its interest in PLDT at the end of the month. First Pacific owns a roughly 24% stake in the Philippines’ most profitable company, but is anxious of a development that will see NTT DoCoMo buying half of the 13.98% PLDT stake owned by its parent company, NTT Communications Corp. First Pacific is interested in acquiring the 6.3% shareholding of Philippine Telecommunications Investment Corp (PTIC), held through Prime Holdings Inc and worth about PHP21 billion (USD399.46 million). Last Friday the Supreme Court ruled that PTIC’s PLDT holdings were ‘ill-gotten’ and that ownership should revert to the government. PTIC owns about 14.4% of PLDT, equivalent to 26.034 million shares. Last week First Pacific paid USD74.1 million for 2.425 million PLDT shares PLDT, equivalent to about 1.3% of total common shares issued in the telco.