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.