DoCoMo ups PLDT stake to 20%

The Manila Standard Today reports that Japanese mobile group NTT DoCoMo has regained its 20% equity stake in Philippine Long Distance Telephone Company (PLDT), after JG Summit Holdings yesterday completed the sale of some of its shares for PHP11.4 billion (USD262.95 million). It is understood Gokongwei-led JG Summit executed a block sale of 4.56 million PLDT shares via the local stock exchange, priced at PHP2,500 per share. The holding company exercised a share option agreement with DoCoMo as part of a wider deal in which PLDT acquired a controlling interest in fellow Filipino operator Digital Telecommunications Philippines Inc (Digitel) from the Gokongwei-owned company. The sale reduces JG Summit’s stake in PLDT to around 8%.