First Pacific seeks shareholder approval for PTIC acquisition

2 Feb 2007

First Pacific of Hong Kong has released a statement calling for a special general meeting of shareholders to seek approval of its bid to buy the 46% stake in Philippine Telecommunications Investment Co. (PTIC) currently held by the government. PTIC is a holding company which owns 14% of telco PLDT. First Pacific, which already owns the other 56% of PTIC, had initially hoped to complete the purchase of an initial 23% of the remaining PTIC shares earlier this week, but failed to secure consent from the Hong Kong stock exchange to do so without shareholder approval.