13 May 2011
Japan’s NTT DoCoMo has acquired an additional 2% stake in Philippine Long Distance Telephone Company (PLDT) at a cost of USD263 million. The cellco’s move is designed to maintain the NTT Group’s combined equity holding at around the 20% mark, following PLDT’s proposed acquisition of a majority stake in fellow operator Digital Telecommunications Philippines Inc (Digitel) via a share swap announced at the end of March. According to TeleGeography’s GlobalComms Database, in March 2007 the Philippines’ government sold its 46% equity stake in Philippine Telecommunications Investments Corporation (PTIC), which holds a 14% interest in PLDT, to First Pacific for PHP25.2 billion (USD509.3 million). First Pacific, through its unit Metro Pacific Asset Holdings, now owns 100% of PTIC and a 23% direct and indirect equity stake in PLDT. In January 2008 NTT DoCoMo paid JPY86.7 billion (USD816 million) to increase its stake in PLDT by 6.64% to 20.03% and in May 2010 upped its stake again to 20.80%. PLDT is listed on the Philippine Stock Exchange and has ADRs listed on the New York Stock Exchange (NYSE) and the local bourse.