Benpres reduces equity holding in Digitel Telecommunications

Philippines conglomerate Benpres Holdings Corp announced yesterday it had sold off 55.75 million shares in domestic fixed line and mobile telephony operator Digital Telecommunications Philippines, equivalent to 0.88% of its interest in the company, on the Philippine Stock Exchange for a total of PHP78.5 million (USD1.58 million). Benpres said the proceeds would be used ‘for working capital requirements of Benpres’.