PLDT completes sale of shares in Rocket
PLDT Inc. said it completed the sale of a portion of its shares in German technology company Rocket Internet, reducing its equity ownership to 2 percent from 6.1 percent.
PLDT said Rocket Internet SE accepted 6.8 million Rocket shares tendered by PLDT Online Investments Pte. Ltd. at the offer price of 24 euros per share or a total of 163.2 million euros.
The total transaction for the divestment of 6.8 million shares is worth P10.5 billion.
Rocket will settle the deal on or before May 14 this year.
PLDT Online’s equity ownership in Rocket was reduced from 6.1 percent to 2 percent
following the sale.
PLDT bought a 10-percent stake in Rocket Internet for 333 million euros or $445 million in 2014.
Rocket share prices closed at 21.125 euros as of end-2017, before it fell to 16.03 euros as of end March.
Rocket is a Berlin-based internet company that builds online startups and owns shareholdings in various models of internet retail businesses. It has stakes in major e-commerce platforms and startups in Southeast Asia, including Zalora, Lamudi, Carmudi, Traveloka and Foodpanda. It sold its stake in Lazada in 2017.