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Philippines’ SEC launches investigation into PLDT ‘sell-off’

21 Dec 2022

The Philippines’ Securities and Exchange Commission (SEC) has launched an investigation into the sudden sell-off of shares in one of the country’s largest telcos – PLDT Inc. – that took place prior to the company’s disclosure of a significant PHP48 billion (USD865.98 million) capital expenditure overrun for the last four-year period. Shares in PLDT dropped 19% on Monday this week, wiping almost PHP62 billion off its market value. ‘The reported “budget overruns”, as well as the sell-off in PLDT shares before the publicly listed company could make the official disclosure, are areas of concern,’ the SEC said in a statement, adding: ‘In this light, the SEC has immediately commenced an inquiry into the matter’.

PLDT, which is partly owned by Japan’s NTT DOCOMO and Hong Kong’s First Pacific Co, declined to comment.

Philippines, PLDT Inc. (incl. Smart Communications)

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