DoCoMo to buy more PLDT shares

18 Dec 2006

NTT DoCoMo of Japan plans to increase its stake in Philippine Long Distance Telephone Company (PLDT) by 3.2% to around 9.9%, through the acquisition of approximately six million shares worth approximately PHP13 billion (USD264.4 million). DoCoMo is purchasing the stock from an affiliate of First Pacific, PLDT’s largest shareholder, and expects to finalise the specific terms of the deal after talks with the company. DoCoMo acquired 12,633,486 PLDT shares (approximately 6.7% of total issued and outstanding shares) from NTT Communications Corporation in March this year; it may consider purchasing additional shares in the future.