Philippine Long Distance Telephone Co., the country’s
biggest firm by market value, said yesterday US-based fund manager
Capital Research and Management Co. bought about a 1.6 percent stake in
the company.
The stake, of 14.56 million shares, would be worth
P37.39 billion ($773 million) at Wednesday’s P2,565 close.
PLDT shares were up 2.1 percent at P2,620, in line
with gains on the main index.
PLDT’s Hong Kong-based parent, First Pacific Co. Ltd.
expects to complete buying government shares equivalent to 6.4 percent
in PLDT by March 2.
First Pacific has deposited half the P25.2 billion
($521 million) price for that stake in an account pending shareholder
approval for the deal.
The telecoms-to-noodles conglomerate, controlled by
Indonesia’s Salim family, will ask stockholders to vote on buying more
PLDT shares on Feb. 28.
The Philippines has said First Pacific, which is
already PLDT’s largest shareholder with a 24 percent stake held through
various subsidiaries, has until March 8 to deliver full payment.
PLDT currently accounts for three-quarters of First Pacific’s
operating profit. —Reuters
