Five line up to bid for government’s PLDT stake

21 Nov 2006

At least five companies are thought to have attended a pre-bidding conference held by the government of the Philippines, which is looking to sell a sizeable stake in Philippine Telecommunications Investment Corp (PTIC), owner of a 14% interest in national fixed line operator Philippine Long Distance Telephone (PLDT). According to Finance Undersecretary John Philip Sevilla, the five unnamed companies turned up to yesterday’s conference at the Department of Finance to discuss the terms of the auction which is thought to have garnered interest from several international investors. Bidders are required to submit letters of intent by 24 November; pre-bid documents are expected by 27 November. The government plans to dispose of 111,415 shares in PTIC on 4 December. It holds a 46% stake in the investment group through Prime Holdings; First Pacific controls the remaining 54%.