PLDT Inc. said it plans to divest part of its stake in German-based technology firm Rocket Internet to partly fund capital expenditures this year.
“To supplement funding requirements this year, we are considering selling part of our stake in Rocket Internet subject to certain parameters and market conditions,” PLDT said.
PLDT currently owns a 6.6-percent stake in Rocket.
PLDT in 2014 bought 10 percent of Rocket Internet for 333 million euro, or $445 million.
Share price of Rocket at the end of 2017 closed at 21.125 euro, higher than 16.03 euro as of end March.
PLDT has programmed P58 billion in capital expenditures this year to further expand its fixed and mobile broadband networks.
The company last year set a capex of P40 billion, or 26 percent of the consolidated service revenues.
PLDT earlier reported a 33-percent drop in net income to P13.4 billion in 2017 from P20.16 billion in 2016.
It reported a net loss of P8.51 billion in the fourth quarter of 2017 from P4.14 billion in 2016.
Total revenues fell 3 percent to P159.93 billion last year from P165.26 billion in 2016. PLDT’s revenues reached P40.86 billion in the fourth quarter from P39.88 billion in the same period in 2016.
PLDT’s Home and Enterprise Business Groups reported revenues of P33 billion and P34.1 billion, respectively, posting growth rates of 13 percent and 11 percent, respectively.
Revenues of the Wireless Consumer Group, meanwhile, dropped 11 percent to P58.9 billion.