PLDT president rules out listing for Smart

17 Oct 2006

Napoleon Nazareno, the president of the Philippines’ dominant telecoms company Philippine Long Distance Telephone (PLDT) has ruled out any likelihood of the company listing its mobile unit Smart Communications to raise funds. Nazareno said that the unit’s market value was ‘fully reflected’ in the parent company, which is already listed on the Manila and New York stock exchanges. The PLDT supremo added that his company has a solid balance sheet with USD800 million in free cash and a net debt gearing of less than one. Nazareno said that he was committed to raising shareholders’ dividends and was looking at paying out 60% of its core earnings as dividends this year, up from 50% last year.