PLDT Inc. said Friday it transferred 230 telecom towers to Frontier Tower Associates Philippines Inc. for P2.8 billion.
The company said the master services agreement covering the leaseback arrangement for 230 towers also became effective on Oct. 6, 2023.
“PLDT expects to transfer additional towers over the next few months as closing conditions are met,” it said.
PLDT signed a share purchase agreement in March this year with the subsidiary of Pinnacle Towers Pte. Ltd. for the 1,012 telecommunications towers and associated passive telecommunications infrastructure mosty located in Luzon for over P12.1 billion.
The transaction, which is expected to be completed this year, brings the total number of towers monetized via sale and leaseback transactions to over 7,500 for more than P98 billion.
“The sale and leaseback of towers are in line with the PLDT Group’s strategy to push for an asset-light balance sheet, while providing superior network quality and an even better customer experience,” PLDT said.
“It further supports the government’s program of building a strong digital infrastructure program to allow Filipinos to access affordable and reliable internet services,” the company said.
PLDT booked a net income of P18.45 billion in the first six months of 2023, up by 10 percent from P16.78 billion in the same period last year.
Telco core income, which excludes the impact of asset sales and Voyager Innovations, reached P17.6 billion, up 3 percent from P17.11 billion a year ago.
PLDT is targeting a core income of P33.5 billion to P34 billion this year.
Revenues amounted to P104.03 billion in the first six months of the year, up 3 percent from P100.8 billion in the same period last year.
