DoCoMo to up PLDT stake by buying JG Summit shares

18 Nov 2011

Japanese mobile group NTT DoCoMo is looking to pay around PHP11.41 billion (USD263 million) to acquire 4.56 million shares of Filipino telecoms giant Philippine Long Distance Telephone Company (PLDT) from JG Summit Holdings Inc. It is understood the holding company has agreed to sell the shares, which will see its equity stake trimmed to around 8%. DoCoMo secured an option to buy additional PLDT shares as part of a wider deal that saw JG Summit swapping its controlling stake in another Filipino telco – Digitel Telecommunications Philippines Inc (Digitel) – for shares in PLDT in May this year. Local regulatory bodies cleared PLDT’s acquisition of Digitel last month. DoCoMo currently owns a 9.76% stake in PLDT. The option will raise its stake to 11.89%.

Philippines, NTT DOCOMO, PLDT Inc. (incl. Smart Communications and Sun Cellular)