Parallax Capital submits highest bid for PLDT stake

11 Dec 2006

Singapore-based Parallax Capital Management has submitted the highest bid for the Filipino government’s 46% stake in Philippine Telecommunications Investment Corp (PTIC), a holding company that owns close to 14% of national PTO Philippine Long Distance Telephone (PLDT). The Department of Finance yesterday reported that Parallax Capital Management offered PHP25.2 billion (USD509.3 million) for the government’s 111,415 shares in PTIC, topping a rival bid of PHP24.9 billion put forward by Pan Asia Presidio Capital. Parallax Capital is part of Parallax Venture Fund which was founded in 1999 to take advantage of investment opportunities in Asia in the wake of the economic crisis of 1997. It focuses on private equity, overlay management, and venture capital. PTIC’s other shareholder is Hong Kong-based conglomerate First Pacific Holdings, headed by PLDT chairman Manuel Pangilinan. Under the terms of reference, the winning bidder should pay the purchase price in one lump sum within 30 days from the execution of the share purchase agreement.