Gokongwei-led JG Summit Holdings ups PLDT stake

7 Jan 2020

ABS-CBN News reports that Gokongwei group’s holding company JG Summit Holdings has acquired additional shares in Filipino telecoms giant PLDT Inc., seeing it as a ‘valuable investment’ as the telco shifts focus to 5G technology and takes the fight to the New Major Player (NMP), DITO Telecommunity – a joint venture of businessman Dennis Uy’s Udenna Corp and China Telecom.

In a stock exchange filing dated 7 January 2020, JG Summit Holdings confirmed the purchase of 7,046,979 common shares through the purchase and conversion of American Depositary Receipts priced at USD19.70 (PHP1,003) per share, increasing its stake to 11.23%.

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